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Rongsheng aims for $2.3bn from IPO

Rongsheng aims for $2.3bn from IPO

Hong Kong: Jiangsu Rongsheng Heavy Industries, China's largest shipbuilder outside state control, is seeking $2.3 billion in what may be Hong Kong's third-largest initial public offering this year, according to terms sent to investors. The company plans to sell 1.75 billion shares at HK$7.30 to HK$10.10, the terms show. China National Offshore Oil Corp., China Life Insurance (Group) Co., China Southern Fund Management Co. and Atlantis Investment Management Ltd. have agreed to buy a combined $155 million of shares, according to the terms. ?Rongsheng intends to use the sale proceeds for projects including building a fourth drydock as a rebound in world trade following last year's global recession revives demand for ships. The company, which raised $300 million from investors including Goldman Sachs Group Inc. in 2007, planned to sell shares in 2008 before the failure of Lehman Brothers Holdings Inc. and the credit crunch triggered a collapse in global stock markets.  [02/11/10]

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