Dalian Port raises $856 million from Shanghai listing

Hong Kong-listed Dalian Port, the largest port operator in north China, has raised Rmb5.7 billion $856 million in a Shanghai initial public offering after pricing its shares at the mid-point of the indicated range.

The pricing suggests that the company is attempting to avoid the weak secondary market performance that has plagued two of its domestic peers since they listed in Shanghai earlier this year by leaving some upside room for its shares.

The company sold 1.5 billion shares at Rmb3.80 apiece, compared with an indicated range between Rmb3.60 and Rmb4. The final price translates into a price-to-earnings PE ratio of 22.2 times, based on the...