Shanghai: State run shipbuilder and equipment manufacturer China Shipbuilding Industry Co (CSIC) will raise up to 14.7 billion yuan ($2.2 billion) in an A-share listing in Shanghai, the firm said in a statement on Friday. CSIC said it would issue about 2 billion A-shares to be priced from 6.15 yuan to 7.38 yuan. The firm previously said it needed $937 million to expand production capacity and has appointed China International Capital Corp as the offering's lead underwriter. 45 percent of the shares on offer would be earmarked for institutions and the rest for retail investors. The firm did not specify when trading in the shares would begin. [07/12/09]
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