Guangzhou Port has officially completed its IPO and is now listed on Shanghai Stock Exchange, with the shares of the company up by the daily limit of 44 percent in less than one hour after the commencement of trading.
Guangzhou Port received approval from China Securities Regulatory Commission for the IPO in February. According to an earlier submission to the stock exchange, the port operator plans to issue about 698m new shares to raise RMB1.6bn ($232m).
Guangzhou Port will use the proceeds from the IPO to fund the construction of new terminals and other infrastructures in the Nansha Port area.
The new shares will account for around 11.28% of the company’s total issued shares. China Cosco Shipping Corporation and Shanghai Port Zhonghai Container Terminal has acquired 3.87% and 3.89% stakes in the company respectively.