China Cosco Prices IPO Offer at Low End on Shipping Rates

China Cosco Holdings Co., the nation’s biggest container shipper, priced shares in its initial public offering at the bottom of a sale range on concern declining shipping rates will cut earnings.

China Cosco raised HK$9.52 billion ($1.22 billion) after selling 2.24 billion shares at HK$4.25 each, bankers involved in the sale said yesterday, asking not to be identified. The Beijing- based company had sought as much as HK$5.75 for stock, said the bankers. It aims to start trading in Hong Kong June 30.