China Shipping Container Lines raises $2.1 billion
China Shipping Container Lines has raised the equivalent of about $2.1 billion through an initial public offering of its stock in mainland China.
The company, whose stock is also listed on the Hong Kong Exchange, was able to sell 2.3 billion shares Friday at the equivalent of 88 cents per share, at the top of the range underwriters had set.
The IPO was heavily oversubscribed, with 170 times more orders for the shares as were actually sold.
The shares are expected to begin trading in Shanghai on Dec. 12.