Hainan Strait Shipping aims for $194m from IPO

Shanghai: Chinese ro-ro operator Hainan Strait Shipping intends to fund its fleet expansion plan with money raised from its IPO when it lists on the Shenzhen stock exchange in the near future. The company, which currently operates an owned fleet of 17 ships, has set itself a Yuan1.3bn ($194m) target to be raised from the issue of up to 39.5m shares - part of which would also be set aside as working capital.

Local papers have reported that the company would deploy the new vessels to upgrade its services between Haikou and Hai’an as well as Haikou and Beihai.  [07/12/09]