Jinjiang Shipping, the liner unit of Shanghai International Port Group (SIPG), has put a number on its proposed initial public offering (IPO) at the Shanghai Stock Exchange.
The intra-Asia carrier will float 15% of its stock, aiming to raise about RBM3bn ($416.5m) to expand its fleet, purchase containers, and digitalise its operations.
Currently, SIPG owns 98% of the company, while the remaining 2% is held through another subsidiary, Shanghai Port International Passenger Center. As part of the listing, Jinjiang will be spun off, but SIPG will maintain control.
Alphaliner ranks Jinjiang Shipping as the 32nd liner operator with 47 ships carrying 44,400 teu. The company currently owns 21 vessels and has four more under construction that will boost its capacity by an additional 7,600 teu.