Ningbo Ocean Shipping, a subsidiary of China’s Ningbo-Zhoushan Port, has listed on the Shanghai Stock Exchange raising CNY1bn ($143.3m) from its initial public offering.
The company’s shares surged 44% on the first day from its IPO price of CNY8.22 to CNY11.84.
The proceeds are intended to be used for the purchase of bulk carriers, 10,000 teu containerships and supplementary working capital projects.
According to Alphaliner, Ningbo Ocean Shipping ranks 34 among the top 100 container liner companies in the world with a fleet of 50 containerships.
