Hong Kong: Jiangsu Rongsheng Heavy Industries Group Co, a privately-owned Chinese shipbuilder, received approval for its $1.2bn-$1.5bn initial public offering from the Hong Kong stock exchange on Thursday, a person familiar with the situation said Friday.
The company will start pre-marketing this week, the person said. Typically, a roadshow will begin two weeks after pre-marketing and the actual listing will take place within six weeks of the approval.
The listing will be the shipbuilder's second attempt to go public. The company scrapped plans to raise more than $2bn from a Hong Kong IPO in 2008 due to adverse market conditions. [18/10/10]
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