Sunday, January 10, 2010: 07:50:43 PM

Foreign Updates

China Shipbuilding Industry IPO to raise $2.15 billion

China's leading manufacturer of vessel equipment and also a producer of missile launchers, China Shipbuilding Industry is planning to raise $2.15 billion in what would be the country's third-largest initial public offering this year.

As per plans, the company will sell as many as 1.9 billion shares in a range of $0.90 and $1.08 each.

China Shipbuilding is likely to benefit from the government's target for locally made components to account for 80% of Chinese-made vessels by 2015, part of a wider initiative to surpass South Korea as the world's biggest shipbuilder.


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