Port operator Ningbo Port raised US1.1 billion in a Shanghai initial public offering that was smaller than planned, the Wall Street Journal reported. The company said Thursday it sold RMB2 billion (US$297 million) of A shares at RMB 3.70 (US$0.55) each, the top end of the indicative range of RMB3.18-3.70 (47 to 55 US cents). But the firm had originally planned to sell 2.5 billion shares in the IPO and did not give an explanation for the 20% cut in the number of shares sold. Ningbo Port said it will use the proceeds to fund port expansion and machine purchases totaling US$1.9 billion. The listing struggled to attract demand from institutional investors as the previous Chinese port operator that listed shares, Tang Shan Port Group (601000.SH), fell below its IPO price on its first trading day in early July.
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