Companies

Dalian Port seeking up to $904m in Shanghai IPO

(Agencies)
Updated: 2010-11-22 10:30

SHANGHAI - China's Dalian Port said on Monday it aimed to raise up to 6 billion yuan ($904 million) in its Shanghai share offer, with a per-share target range of 3.60 yuan to 4.00 yuan ($0.54-$0.60).

US companies still want to do business Related readings:  Dalian Port readies A-share listing  Dalian Port kicks off pre-marketing for Shanghai IPO  Dalian Port gets nod for $556m mainland IPO

Dalian Port, North China's biggest port operator, said the proceeds would be used to acquire assets owned by its controlling shareholder, Dalian Port Corp, including terminals involved in ore, bulk grain, cargo and passenger related business, it said in a statement filed to the Shanghai Stock Exchange.

Dalian Port last month cut its A-share issue size by 37.5 percent from its earlier planned issue of 2.4 billion shares, citing volatile market conditions.

Some analysts have said that Dalian's move to downsize its IPO was aimed at lessening the dilutive effect on the company's Hong Kong-listed shares since the reduced A-share issue means Dalian Port's earnings per share would be left unchanged.

Citic Securities is the main underwriter for the IPO.