News / Ningbo Ocean Shipping halves fundraising ambitions as Shanghai IPO looms

Credit: VesselFinder

Ningbo Ocean Shipping Co (NBOSCO), Ningbo-Zhoushan Port Group’s shipping subsidiary, is going ahead with its listing on the Shanghai Stock Exchange, although it is halving its fundraising target.

In its prospectus to the Shanghai bourse on Monday, NBOSCO said it would be issuing not more than 130,863,334 shares, to raise CNY1bn ($138m) to buy or build containerships, bulk carriers and 10,000 teu of containers.

The state-owned Ningbo-Zhoushan Port, which holds an 81% stake in NBOSCO, will remain the majority shareholder. Zheshang Securities ...