IPO
New Century Shipbuilding
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New Century Shipbuilding Co Ltd, the country's largest private shipyard, is planning to list its shares this year to raise up to US$1.5 billion, Chairman Yuan Kaifei said on Thu.
Yuan told reporters the firm would use the proceeds from the 5-10 billion yuan (US$724 million-US$1.5 billion) IPO to improve its engineering technology and expand production capacity.
New Century has chosen to list in S'pore because it is a global maritime hub and the market has a deep understanding of the shipbuilding industry, he said.
Credit Suisse and Goldman Sachs have been appointed as underwriters of the IPO, Yuan said on th esidelines of a conference in the eastern coastal province of Jiangsu.
The Jiangsu-based company, which was established in 1970, now has over 3,000 employees.
