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New Century chops IPO in half

New Century chops IPO in half

Singapore: New Century Shipbuilding Ltd has slashed its initial public offer size by more than half as market conditions turned adverse due to the crisis in the euro zone, Dow Jones reported over the weekend. ??The Chinese yard had planned a Singapore offering of 1.46 billion shares, or about 30 per cent of the group's enlarged equity pool, to raise as much as US$1.2 billion ($1.6 billion), to go towards offshore vessels manufacturing facilities and improving manufacturing capacity at its yards. ??But it said on Friday that it will sell 560 million shares at a maximum of $1.19 per share to raise $666.4 million.

The news has ramifications beyond Singapore. Other yards in China planning IPOs, such as Jiangsu Rongsheng Heavy Industries, might pull back for the time being. [03/05/10]

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