News / Jin Jiang Shipping IPO fails to hit target, but shares rise

Photo: VesselFinder

Shanghai Jin Jiang Shipping (JJ Shipping), the liner subsidiary of Shanghai International Port Group (SIPG), was listed on the Shanghai Stock Exchange today after an IPO that failed to raise its targeted funds.

CNY2.18bn ($308m) was raised, with the net proceeds being $290.68m after deducting issuance expenses – $136.1m below target.

The funds will go towards ordering more new ships and containers and digitalisation – JJ Shipping’s prospectus outlined plans to deploy newbuildings to its coastal shipping subsidiary, Shanghai Haihua Shipping.

JJ Shipping, ...