China Cosco Holdings Co., the nation’s biggest container shipper, priced shares in its initial public offering at the bottom of a sale range on concern declining shipping rates will cut earnings.
China Cosco raised HK$9.52 billion ($1.22 billion) after selling 2.24 billion shares at HK$4.25 each, bankers involved in the sale said yesterday, asking not to be identified. The Beijing- based company had sought as much as HK$5.75 for stock, said the bankers. It aims to start trading in Hong Kong June 30.