China Shipbuilding Ind to list in Shanghai on Weds

China Shipbuilding Industry Co , the country's largest ship equipment maker, said its shares will begin trade in Shanghai on Wednesday, after it raised 14.7 billion yuan ($2.15 billion) in an IPO last week in China's third-largest IPO this year. The offering of nearly 2 billion yuan-denominated A shares, priced at 7.38 yuan per share and more expensive than rivals at 42 times 2008 earnings, was heavily subscribed.
The market is watching closely for investor appetite for large new mainland listings after last month's trading debut by China Merchants Securities Co, which raised 11.1 billion yuan in its IPO, met relatively lacklustre demand.
Merchants Securities briefly slipped below its IPO price of 31 yuan on Monday.
Shanghai's IPO pipeline has been filling up in recent weeks as authorities gave the green light for a number of big offerings, while companies are looking to the capital markets to raise funds after a recent pull-back in bank lending.