Tianjin Port Development Holdings has raised US$139 million in an initial public offering after pricing the hugely oversubscribed sale at the top end of the expected range, Reuters reported. The firm that operates the fifth-largest container port in China sold off 578 million shares at the equivalent of US$0.24 each. Tianjin Port is to start trading on May 24 in a deal being overseen by CLSA and ABN AMRO Rothschild. The retail part of the IPO will rise to 50% from 10% after investors requested stock worth about US$24 billion – 1,700 times the value of the shares on offer. The pricing values the firm at 16.9 times earnings estimated for this year, compared to the 20 times of rival China Merchants Holdings.
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