Shanghai-based domestic container shipping operator Zhonggu Logistics has been granted approval by the China Securities Regulatory Commission to commence an IPO on the Shanghai Stock Exchange.
The company announced the IPO plan in May last year after it terminated its listing on the National Equities Exchange and Quotations (NEEQ).
Zhonggu plans to issue 81.9m new shares which will account for 12% equity interest of the company, to raise about RMB2.398bn ($342m).
The company will use the proceeds from the IPO for the acquisition of new containerships and containers. The date of the IPO has yet to be announced.
Alphaliner data shows Zhongu Logistics currently operates 115 ships with total capacity of around 168,000 teu, making it the largest domestic container shipping operator in China and 13th largest containership operator in the world.