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Rongsheng aims to raise HK$17.7bn from IPO

Hong Kong: Rongsheng Heavy Industries is set to become the largest mainland company listed company in Hong Kong with a HK$17.67bn initial public offering (IPO). The IPO opened at noon on Monday and will close at noon on Thursday November 11. The 12.5% of the funds raised will be used for building the fourth drydock, another 12.5% for further capital expenditure to improve shipbuilding capacity, 20% for construction of marine engineering platform, 10% for building a new facility, 25% for paying off debt and 10% for general operating expenses. The company said that as of end September 2010 it had shipbuilding orders on hand for 84 ships, with a total contract value of US$5.99bn. [09/11/10]

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