China International Travel Service (CITS) raised US$381 million in an initial public offering in Shanghai, Reuters reported, citing a company report. The report said CITS priced its renminbi-denominated A shares, equivalent to 25% of its expanded capital after the IPO, at RMB11.78 a share, at the top end of its indicated price range, or 49 times 2008 earnings on a fully diluted basis post listing. The company plans to use proceeds raised for expansion of its core businesses, including establishing new tourist agencies at home and abroad, as well as opening more duty-free shops.