May 30, 2014 / 1:56 AM / 4 years ago

China's Qingdao Port, shareholder raise $377 mln in fixed-price HK IPO-source

HONG KONG, May 30 (Reuters) - China’s Qingdao Port International Co. Ltd and its controlling shareholder raised a combined $377 million in a fixed-price initial public offering of shares in Hong Kong, a source with direct knowledge of the deal said on Friday.

The company, which provides services in the world’s seventh busiest port in eastern China’s Qingdao, sold 705.8 million new shares at a previously set price of HK$3.76 each, according to the source. Shareholder Qingdao Port (Group) Co. Ltd. offered 70.58 million existing shares. The source was not authorized to speak publicly on the matter.

The company plans to use proceeds of the sale to invest in new storage facilities for commodities such as oil and iron ore.

Reporting by Elzio Barreto; Editing by Kenneth Maxwell

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