New Century Shipbuilding yesterday kicked off the roadshow for an initial public offering that is aiming to raise between S$1.43 billion and S$1.74 billion $1.04 billion to $1.27 billion. At that size, this will be the largest IPO in Singapore since CapitaMalls Asia's $1.78 billion float in November last year.
China-based New Century has chosen to list in Singapore, not only because it is a shipping hub that is used by many of its customers, but also because its closest comparable, fellow privately-owned Chinese shipbuilder Yangzijiang Shipbuilding Holdings is also listed there. Ironically though, over the past couple of weeks, as bankers have been busy pre-marketing New Century to investors, speculation has taken...
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