Sinotrans Shipping IPO ties up HK$280b

PUBLISHED : Friday, 16 November, 2007, 12:00am
UPDATED : Friday, 16 November, 2007, 12:00am

Sinotrans Shipping has attracted 243 times oversubscription for the retail portion of its initial public offering, tying up about HK$280 billion, according to market sources.

Its institutional tranche, consisting of HK$10.3 billion worth of shares, was more than 75 times oversubscribed.

The company might price the shares near the top of the indicative range of HK$7.18 to HK$8.18, the sources said. Sinotrans Shipping, the mainland's third-largest owner of bulk vessels, which is raising HK$11.5 billion, has earmarked US$1.7 billion for fleet expansion in the next two years to capitalise on the country's booming demand for raw materials.