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China’s New Century Shipbuilding Co may raise US$500 million ($695 million) to US$700 million in an initial public offering in Singapore, sources said on Monday, reviving an IPO that it had initially planned for 2008.
Morgan Stanley (MS.N) and UBS (UBSN.VX) are handling the deal, one of the sources said, adding the firm will be doing a roadshow in the next two weeks with pricing for the deal expected in May.
New Century tried to list in 2008 and had roped in Goldman Sachs (GS.N) and UBS to do the deal, but volatile markets and the collapse of Lehman Brothers delayed those plans, sources said.
The sources declined to be identified because the deal has not been made public.
Morgan Stanley and Goldman Sachs declined to comment and UBS was not available to comment.
Yangzijiang Shipbuilding (YAZG.SI), which has a market value of US$3.3 billion, is China's other large shipbuilder already listed in Singapore.
Yangzijiang said on Monday it has made no decision to seek a dual listing in Hong Kong though a number of investment banks and financial advisors have approached the company with proposals.
