Sinotrans, China's third-largest dry-bulk shipper by capacity, is seeking to make US$1.47 billion from an initial public offering for its November 23 listing on the Hong Kong stock exchange, the Wall Street Journal reported. The company will be selling 1.4 billion shares, or 35% of its enlarged share capital, at a price range of HK$7.18-8.18 (US$0.93-1.05) per share. Sinotrans is expected to earn US$300 million in 2008, with a price-earnings ratio of between 12 and 14. Sinotrans executives said they would use the money raised from the IPO to expand the company's fleet size, acquire shipping companies, and repay bank loans. Seven key investors have already subscribed to US$175 million in shares in advance of the official pricing, set for November 17.