Focuses on the container shipping company in the Asia-Pacific region, De Xiang Marine Transportation (02510.HK) announced details of its IPO, planning to globally issue 0.251 billion shares, with 10% for public offering in Hong Kong and 90% for international offering. The IPO price ranges from HK$3.5 to HK$4.5 per share. Calculated in lots of 1,000 shares, the entrance fee for one lot is HK$4,545.38. The IPO for the stock starts today (October 24th) and ends at noon next Tuesday (October 29th), expecting to be listed next Friday (November 1st). The joint sponsors are Morgan Stanley and China Merchants Securities International.

The company introduced 6 cornerstone investors upon listing, including Indigo Rainbow under CKH Holdings (00001.HK), Hong Yili, Evershine Logistics, Metro Shine, Wang Yifen, and Crane Movement, subscribing a total of US$63.87 million worth of company shares.

Based on the median IPO price of HK$4, the company is expected to raise approximately HK$0.896 billion from the IPO, of which about 75% will be used for the two 7,000 TEU new ships ordered in April this year and ship lease contracts signed by the company; about 15% will be used for container rental; about 10% will be used for operational funds and other general corporate purposes.