China Shipping embarks on pre-marketing

Company hopes investors will view recent share price weakness across global shipping stocks as a buying opportunity into one of the sector''s largest and fastest growing companies.

Joint-bookrunners BNP Paribas Peregrine and Morgan Stanley launched pre-marketing on Monday May 3 for an IPO of China Shipping Container Lines CSCL that should raise up to $1.5 billion. Formal roadshows were originally cheduled to begin on Monday May 17, but have been put back for at least a week while the leads gather additional pricing feedback

Alongside the leads, Credit Suisse First Boston is senior co-lead, with ABN AMRO and CLSA as co-leads. Nomura will run a separate POWL Public Offer Without Listing in Japan.

The company was initially pitched on a valuation spanning about nine to 13 times 2004 earnings, although there...

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