Hong Kong-listed Qinhuangdao Port has announced that it will commence its initial public offering on the Shanghai Stock Exchange this month.
The port operator is looking to raise RMB1.24bn ($184m) via the issuance of 558m new shares. Investors can apply to purchase the shares on August 4.
The company will use part of the proceeds from the IPO to upgrade port infrastructure and develop the iron ore terminal project at Huanghua Port, and other part of the fund will be used to repay bank loan and replenish working capital.
Qinhuangdao Port planned an IPO on Shanghai Stock Exchange back in 2013, but later gave up the plan and moved the IPO to Hong Kong Stock Exchange.
Qinhuangdao Port is a major coal transshipment port in China and one of the largest dry bulk shipping port in the world, it also operates another two dry bulk ports Caofeidian Port and Huanghua Port in Hebei, the largest steel producing province in China.
