CSSC Shipping to Raise USD 277 Mn through Hong Kong IPO

CSSC (Hong Kong) Shipping is looking to raise up to HKD 2.18 billion (USD 277.7 million) through an initial public offering (IPO) on the Hong Kong Stock Exchange.

The shipowning arm of state-owned China State Shipbuilding Corporation (CSSC) said it will issue 1.534 billion new shares.

According to the company’s filing, the shares are expected to be priced at HKD 1.34 – HKD 1.42 per share. The final price would be confirmed in early June.

CSSC (Hong Kong) Shipping added that 90% of the shares would be offered globally, while the remaining 10% would be a Hong Kong public offering.

The company would reportedly use the proceeds from the offering to finance the acquisition of up to 37 vessels, sale and leaseback projects, as well as for general corporate purposes.

World Maritime News Staff