Dalian Port seeks $903 million from Shanghai IPO

Prepared for a possible disappointing market, Dalian Port cuts its target deal size by 37.5% and offers its shares at a wide discount compared to other Shanghai-listed port operators.

Hong Kong-listed Dalian Port, one of the largest port operators in China, is looking to raise between Rmb5.4 billion and Rmb6 billion $813 million to $903 million from a Shanghai initial public offering.

If successful, it will be the third port IPO in Shanghai this year. However, the two port operators that went public before Dalian -- Ningbo Port and Tangshan Port -- both received a lukewarm response and are struggling to stay above their IPO prices amid a...

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