Nicaragua canal developer plans IPO

The Hong Kong-based company with a concession to build a $50 billion shipping canal in Nicaragua said on Tuesday it is preparing to launch an IPO.

Wang Jing, chairman and CEO of the HK Nicaragua Canal Development Investment Co (HKND Group), told reporters in Managua that he hoped the listing would take place in the stock market that offered the best conditions.

Wang gave no details of how much HKND aimed to raise, nor when the offering might be. He said the company was preparing a prospectus which would reveal the investors behind the waterway that seeks to compete with the Panama Canal.