Dalian port generates RMB 5.7 billion from Shanghai IPO

Dalian Port (PDA), <2880>Co Ltd, the largest port operator in northern China, said yesterday that it has fixed the price for the initial public offering of Shanghai 3.80 RMB apiece and raised RMB 5.7 billion from the offer.

The IPO price was in the midst of a price indication range of RMB 3.60 4,00 RMB.

Dalian port said in a declaration deposited with the Shanghai Stock Exchange issued shares of 1.5 billion IPO, 761.8 million are actions To Shanghai, and 738.2 m were issued to its controlling shareholder Dalian port group.

Port of Dalian, appearing in Japan in 2006, last month cut A-share issue size of 37.5% from its planned release before actions of 2.4 billion, due to volatile market conditions.

Dalian port said it will use the proceeds to acquire goods from its controlling shareholder, including terminals involved in mineral, bulk grain, cargo and passenger related business.

In the first half of this year, the company has achieved revenue of RMB 904 million, while net income was RMB 313 million, according to a previous report from China knowledge

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