Dalian Port (2880.HK) raised US$857 million in its initial public offering (IPO) on the Shanghai stock exchange, Reuters reported. The company, north China’s largest port operator, priced its shares at RMB3.8 (57 US cents) each, midway between its forecast range of RMB3.60-4.00. The firm also decided to cut its target deal size by 37.5%, possibly in an attempt to mitigate the dilutive effects on the company’s shares on the Hong Kong stock exchange. The company said it plans to use the capital raised in the IPO to purchase assets from its controlling shareholder, Dalian Port Corp. The assets include terminals for cargo, grain, ore and passenger business.