China Cosco IPO: more than a sequel to China Shipping?

Has China Cosco learnt the lessons of China Shipping''s difficult IPO this time one year ago?

China Cosco Holdings CCH, the world's seventh largest container shipping company and fifth largest port operator, began pre-marketing its $1.5 billion to $2 billion H-share IPO on Monday.

Under the lead management of HSBC, JPMorgan and UBS, the group will start formal roadshows on June 13, with pricing scheduled for the weekend of June 25. Alongside the three bookrunners, Daiwa SMBC will run a Public Offering Without Listing POWL in Japan, while Macquarie and ICBC Securities will act as co-leads.

Post greenshoe, the company will offer 40% of its enlarged share capital and based on syndicate consensus earning forecasts for 2005 of around...

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