China Shipbuilding to raise up to $2.2bn in IPO

China Shipbuilding Industry, the country’s largest ship equipment maker, will raise up to 14.7 billion yuan ($2.2 billion) in an A-share listing, the firm said in a statement on Friday. China Shipbuilding Industry said it would issue about 2 billion A-shares to be priced from 6.15 yuan to 7.38 yuan. The firm previously said it needed $937 million to expand production capacity and has appointed China International Capital Corp as the offering’s lead underwriter. China is witnessing a new gush of capital inflows, riding on the back of a buoyant stock market, which is up about 80 percent since the start of the year. China Shipbuilding Industry said in its prospectus that 45 percent of the shares on offer would be earmarked for institutions and the rest for retail investors. The firm did not specify when trading in the shares would begin.