Baoshan raises RMB 25.6 billion in Shanghai
by Brian Turner
Baoshan Iron & Steel set a new record for equity fundraising in Shanghai on Tuesday when it announced that it had sold 5 billion shares priced at RMB 5.12 each for a total of RMB 25.6 billion.
The previous record there was an offering by oil group Sinopec, which raised RMB 11.8 billion. The RMB 5.12 price was near the top of the range of prices it announced when the offering opened two weeks ago.
Baoshan is expected to use the funds to buy assets from Shanghai Baosteel Group in a reorganization effort. These assets are expected to include mining interests, a port, and steel mills.
The share offering was underwritten by China International Capital Corporation, a joint venture between Morgan Stanley and China Construction Bank. The offering in China could lead to an eventual international listing by the company.
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