BRIEF: T.S. Lines to raise up to HK$1.1 billion in Hong Kong IPO
Container ship operatorT.S. Lines Ltd. (2510.HK) launched its IPO on Wednesday, seeking to raise up to HK$1.13 billion by issuing nearly 251 million shares at a price of HK$3.50 to HK$4.50 per share. The shares will be sold in lots of 1,000, with an admission fee of HK$4,545.38 per lot. Public subscriptions will close on Oct. 29 and the trading debut will take place on Nov. 1.
T.S. Lines ranked 21st among global container shipping companies in January this year, with a market share of 0.3%. Its network covered 56 major ports in 21 countries and regions as of April this year.
About 75% of the net proceeds from IPO, or HK$672 million, will be used to pay for the company’s two new 7,000 TEU vessels ordered in April this year, as well as for its vessel chartering.
By Lau Chi Hang
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