China shipbuilder Rongsheng floats $1.5 bln IPO

Jiangsu Rongsheng Heavy Industries Co Ltd has appointed two Wall Street banks to help it push forward a long-awaited listing plan to raise up to $1.5 billion late this year.
China's No.1 private shipbuilder hired Morgan Stanley  and JPMorgan  to finalise plans for its initial public share offering in Hong Kong, aiming to raise up to $1.5 billion in the fourth quarter, sources told Reuters.
This is Rongsheng's latest bid to go public after it failed to raise more than $2 billion from a planned IPO in Hong Kong in 2008, mainly as a result of the global financial crisis.
Rongsheng's early main shareholders include an Asia investment arm of Goldman Sachs (GS.N), top U.S. hedge fund D.E. Shaw and New Horizon, a China fund founded by the son of Chinese Premier Wen Jiabao.
The three investors sold off their stakes in Rongsheng for a profit early this year, said the sources familiar with the situation. Representatives for the banks, funds and Rongsheng all declined to comment.