China Rongsheng seeks $2.27 billion from HK IPO

If successful, Rongsheng’s transaction will be one of the largest IPOs in Hong Kong this year.

The recent IPO frenzy and good secondary market performance for new share issues has prompted some issuers to revive earlier listing plans. China Rongsheng Heavy Industries, one of the largest shipbuilders in China, kicked off the bookbuilding yesterday for an initial public offering of between HK$12.77 billion and HK$17.67 billion $1.65 billion to $2.27 billion in Hong Kong.

The Jiangsu-based group failed to raise $2 billion from a planned IPO in Hong Kong in 2008 due to the volatile market conditions that year.

The recent hot IPO market has encouraged companies of all sizes and from sectors ranging from retail consumption to heavy industry, to replenish their coffers by selling new...

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