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JES International
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zhuge_liang
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11-Dec-2007 20:10
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Chinese shipbuilder JES International said on Tue that it will raise US$250 million in an IPO. The company, which builds bulk carriers and container vessels at its shipyard in the Jiangsu Province along China's eastern coast, said in its prospectus that it would sell 373.135 million new shares at $0.67 each. Sources close to the deal told Reuters last month the firm was looking to raise US$200 to US$250 million in the offering. Chinese shipbuilders listed in Singapore have received strong investor support so far due to their exposure to China's booming economy and growing demand for ships. Shares of Cosco Corp with a stock market value of US$10.3 billion, has almost tripled this year. Yangzijiang Shipbuilding, which has a market cap of US$4.7 billion, was listed in Apr this year and has more than doubled from its $0.95 IPO price. JES's public offer will close on Dec 17 and trading in its shares will start on Dec 19. ABN AMRO Rothschild is the global issue manager and underwriter for the offer. |
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zhuge_liang
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13-Nov-2007 15:24
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JES International Holdings, a shipyard based in China, plans to raise as much as US$250 million in an IPO to boost production and pay down debt, sources close to the deal told Reuters. A source close to the deal told Reuters that the firm is looking to raise between US$200 million to US$250 million in the offering, likely in early Dec. The company, which filed a prospectus late on Mon, has a shipyard at Shiwei Port, Jingjiang City in Jiangsu Province in eastern China. It plans to raise funds to finance the construction of a new production facility, repay a loan and for working capital. ABN AMRO Rothschild and OCBC are lead managers for the IPO, according to the prospectus. The prospectus said that the company had an order book of US$1.03 billion by Jun 30 '07, compared to US$632.2 million at the end of Dec '06, from European, Canadian and Asian shipping firms. Other Chinese shipyards such as Cosco and Yangzijiang have done pretty well. Cosco Corp is trading at 32x '08 earnings, while Yangzijiang Shipbuilding trades at 27x forward earnings. S'pore has also been luring shipping trusts with tax benefits similar to Reits. |
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