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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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