China Shipbuilding Industry (CSI), China’s largest manufacturer of equipment for vessels, is planning an initial public offering in Shanghai to raise US$942 million for expansion projects, Bloomberg reported. The state-controlled company will sell a 30% stake through the IPO, according to a prospectus posted on the China Securities Regulatory Commission’s website Thursday. China International Capital Corporation will manage the sale. CSI is currently 97% owned by China Shipbuilding Industry Corporation, one of the nation’s largest shipbuilders. CSI’s sales rose 41% year-on-year to US$2.4 billion in 2008, and net profits increased 52% to US$180 million.
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