Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Wah Kwong IPO target underwhelms

Wah Kwong IPO target underwhelms

Hong Kong: The Baltic Dry Index might be scaling incredible highs but the news of an imminent IPO by a well-known name in the bulk trades has been greeted underwhelmingly in terms of the cash it aims to raise. Hong Kong bulk and tanker shipping company Wah Kwong Maritime Transport Holdings Ltd plans to raise as much as $163.5 million in a Hong Kong initial public offering, according to a document obtained by Reuters that details the terms of the deal.
The company, run by the Chao family, is selling 125 million shares, or 25 percent of its enlarged share capital, at HK$7.78-HK$10.20 each, the document said.
Cazenove is sponsoring the deal.
Wah Kwong's predecessor, Wah Kwong Shipping, had been listed in Hong Kong in 1973, but after a period of share price weakness, was delisted and taken private in 2000.
The dollar figure is well below the $200m target that had been banded around earlier.
Wah Kwong is launching its IPO amid record times for the dry bulk industry where the Baltic Dry Index has crested 11,000 points. [22/5/08]


Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish

SMN_Podcast_Leaderboard.jpg