Chinese clean energy supplier JOVO has announced that its IPO plan on the Shanghai Stock Exchange has been granted approval by China Securities Regulatory Commission.
The company is looking to raise RMB2.677bn ($414m) from the IPO and most of the proceeds will be used for the construction of two LNG carriers and repayment of bank borrowings.
JOVO placed an order at Jiangnan Shipyard in 2018 for the construction of two 79,800 cu m LNG carriers, which will be used for transporting LNG from Malaysia and Indonesia upon delivery in 2021.
JOVO started as an LPG trader and currently operates an LNG terminal in Dongguan which has a designed receiving capacity of 1.5m tons a year.
