Manufacturing News

Rongsheng Heavy Industries plans IPO in HK

China Rongsheng Heavy Industries, China's largest shipbuilder outside state control, plans to issue an initial public offering (IPO) in Hong Kong this month, according to reports Tuesday.

"China's ship industry began to recover in 2009, making it a good time for Rongsheng to list," said Xu Minle, shipbuilding analyst at BOC International.

The IPO is expected to raise as much as $2.6 billion by selling 1.75 billion shares at HK$7.30 ($0.94) to HK$10.10 ($1.3), the terms show.

The funds raised will be used on shipbuilding, marine engine building, engineering machinery and debt repayment, among other things, according to reports.

The joint co-ordinators for the listing are Deutsche Bank, Morgan Stanley, JPMorgan, China Construction Bank International and Bank of China International.

Rongsheng began its roadshow on Monday and is tentatively expected to price on November 12, and list a week later.

Rongsheng is a relatively young company, delivering its first vessel in 2008, but has rapidly grown to become one of the largest shipyards in the world.

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