Investors clamor for COSCO shares
An initial public stock offering by COSCO Holdings Co. on the Shanghai Stock Exchange attracted extraordinary interest from investors Thursday.
The company had $2 billion of stock to sell in an IPO for the shipping companies — but the offering was more than 100 times oversubscribed by investors with $214 billion.
COSCO said it expects to list the stock in Shanghai by June 29.
One reason why the IPO was so popular is that the shares were priced at a discount to the company’s shares already listed on the Hong Kong Exchange.
Reports said the company, whose U.S. headquarters are in Secaucus, N.J., plans to use part of the proceeds to purchase 12 ships.