Cosco IPO raises US$1.22bn

China Cosco Holdings Ltd priced its IPO near the bottom of the predicted range of US$0.55 to US$0.74 per share, raising US$1.22bn in advance subscriptions, the Wall Street Journal reported, citing a source familiar with the IPO. Official trading begins Thursday in Hong Kong. The unit of China Ocean Shipping Group Co was selling 36.5% of its enlarged share capital, or 2.24bn shares.