JES International Holdings is launching an IPO of 373.14m new shares at S$0.67 each. This will be the third Chinese shipbuilder to list in Singapore, after Cosco Corporation (S) and Yangzijiang Shipping (Holdings). The net proceeds of S$232.1m will be used to construct a new facility adjacent to its existing shipyard, repay a bank loan and for working capital. The Group has an orderbook of US$1.03b, consisting of 43 vessels to be delivered till 2011. The offer will close on 17 December and listing is expected on 19 December.