China Shipping Container Lines (CSCL) said Friday it had set its domestic initial public offering price at the top of an expected range, raising 15.5 billion yuan (2.1 billion dollars).
The company, already listed in Hong Kong, set the offer price at 6.62 yuan (88 cents) for the sale of 2.337 billion shares on the mainland's yuan-denominated stock market, according to a company statement.
The price was at the top end of an indicative range of 6.00 to 6.62 yuan for each share.
The share offer has been heavily oversubscribed, attracting subscription funds of more than 2.6 trillion yuan from investors, it said, adding that 70 percent of the shares were sold to retail investors while the remaining 30 percent were sold to institutional investors.
CSCL, a unit of state-run China Shipping (Group) Co said earlier it would spend most of the proceeds on construction of 16 new vessels for its current fleet of 151 ships and buy container shipping assets.
It expected to debut on the Shanghai bourse on December 12.
The company, already listed in Hong Kong, set the offer price at 6.62 yuan (88 cents) for the sale of 2.337 billion shares on the mainland's yuan-denominated stock market, according to a company statement.
The price was at the top end of an indicative range of 6.00 to 6.62 yuan for each share.
The share offer has been heavily oversubscribed, attracting subscription funds of more than 2.6 trillion yuan from investors, it said, adding that 70 percent of the shares were sold to retail investors while the remaining 30 percent were sold to institutional investors.
CSCL, a unit of state-run China Shipping (Group) Co said earlier it would spend most of the proceeds on construction of 16 new vessels for its current fleet of 151 ships and buy container shipping assets.
It expected to debut on the Shanghai bourse on December 12.