COSCO shipping in HK IPO

China's biggest shipping firm, COSCO Holdings Co Ltd, will raise up to US$1.6bn in a Hong Kong IPO, state media reported, quoting the company's prospectus. The offer price is expected to be fixed around June 25 and no later than June 27, and listing will begin on June 30. China COSCO is offering 2.24bn shares at US$0.54 each to US$0.73 each. COSCO is the operator of the world's seventh-largest container fleet. The offering will be underwritten by HSBC, UBS Investment Bank and JP Morgan.