China's Rongsheng cuts IPO size to $700 mln range-IFR

Jiangsu-based private shipbuilder Rongsheng Heavy Industries has reduced the fundraising target for its Hong Kong initial public offering, IFR reported on Monday The IPO target had been lowered to $700 million-$800 million from $1.5 billion, IFR said.
The reduced target will increase its chances of completing a successful deal, but it will come as a stern test of appetite for the shipbuilding sector after a number of other deals struggled to go through.
New Century Shipbuilding, one of Rongsheng's main competitors, cancelled its Singapore IPO in May.
CCB International has joined JP Morgan and Morgan Stanley to arrange Rongsheng's share sale, expected to hit the market in September at the earliest.