New Century plans 2008 IPO in Singapore

Shanghai: New Century Shipbuilding Co Ltd  is planning to list its shares in Singapore later this year to raise up to US$1.5bn, according to chairman Yuan Kaifei.

China's largest private yard (formerly Jing Jiang Shipyard) based on the Yangtze River, would use the proceeds from the 5 - 10bn yuan (approx $750m to $1.5bn) initial public offering to improve its engineering technology and expand production capacity, Yaun said during a conference in the province of Jiangsu.

New Century chose to list in Singapore because the city-state was a global maritime hub and the market had a deep understanding of the shipbuilding industry, he said. Credit Suisse and Goldman Sachs have been appointed underwriters of the IPO.  [16/06/08]