Sinotrans IPO 14 times oversubscribed

Sinotrans received 14 times the number of institutional orders available for its upcoming initial public offering on the Hong Kong Stock Exchange, the South China Morning Post reported. The company announced last week that it would look to raise US$1.47 billion from the offering. Investors have been especially interested in the shipping company despite the falling Hong Kong market, in part because of the strength of the Baltic Dry Bulk Index, which tracks changes in dry shipping rates. The index more than doubled this year, from 3,000 points to 7,000. Trading of will begin on November 23, and the company's official pricing is expected to take place on Saturday. Sinotrans is currently China's third-largest bulk vessel owner.