Dalian Port raises US$857 million in Shanghai IPO

DALIAN PORT has raised US$857 million in its initial public offering (IPO) on the Shanghai Stock Exchange, Reuters reports.

The company, north China`s largest port operator, priced its shares at CNY3.8 (57 US cents) each, midway between its forecast range of CNY3.60-4.00. The company also decided to cut its target deal size by 37.5 per cent, in an attempt to mitigate the dilutive effects on the company`s shares on the Hong Kong stock exchange, according to some analysts.


Dalian Port said it plans to use the capital raised in the IPO to purchase assets from its controlling shareholder, Dalian Port Corp. Assets include terminals for cargo, grain, ore and passenger business.