China Venture News reports that China's state-owned shipping firm, COSCO, is initiating an IPO of 1.78 billion shares which is scheduled for the Shanghai Stock Exchange on June 26. The report states that sales of shares online began June 18, 2007. The report further states that price per share should be starting between "7.60 yuan and 8.48 yuan per share." According to the report, "Analysts expect the price to go to 15 yuan a share early in trading."
Cosco plans on using the money raised for renwewing and/or increasing its shipping fleet and has also earmarked the funds for expanding port facilities. Cosco is currently China's single largest state owned shipping operation.
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