Guangzhou Port to raise $232m from IPO

Guangzhou Port to raise $232m from IPO

Guangzhou Port has opened the application procedure for the subscription of its new shares to be issued as part of its IPO.

According to a submission to the stock exchange, the port operator plans to issue about 698m new shares to raise RMB1.6bn ($232m).

The new shares will account for around 11.28% of the company’s total issued shares.

Guangzhou Port will use the proceeds from the IPO to fund the construction of new terminals and other infrastructures in the phase three expansion project for its Nansha port area.

In February, Guangzhou Port received approval from China Securities Regulatory Commission for the IPO, two years after it submitted the application. The port company is currently in the IPO waiting list and is expected to list on the Shanghai Stock Exchange before April.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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