China Rongsheng plans $2 bn-plus IPO abroad

Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Co Ltd aims to raise more than $2 bn through an initial public offering overseas, a company source familiar with the matter said on Monday.
The timing of the listing will depend on market conditions but the company is proceeding quickly with preparations, the source added.
Goldman Sachs Group Inc is helping the private-sector Chinese firm with the share offering, the source said. The company is considering the Hong Kong stock market as one option for its IPO, sources familiar with the situation have said.
An investment unit of Goldman Sachs, private investment fund DE Shaw and another Chinese private equity fund paid $250 mn for a minority stake in Rongsheng last year, the source said. Avdhoot Investment


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