Tianjin Port ups IPO stakes

Tianjin Port Development Holdings has scaled up its initial public offering in Hong Kong to US$162.5 million, the Standard reported. The unit of Hong-Kong listed Tianjin Development Holdings intends to sell 578 million shares for between US$0.23 and US$0.28 each – about 20% higher than announced previously – a source told the newspaper. The offering is expected to be hugely oversubscribed, following Dalian Port. The mainland's largest oil terminal operator raised US$283.7 million with institutional investors requesting 220 times more shares than those available. Tianjin Port hopes to make about US$150 million from the IPO.