China’s Shanghai Jinjiang Shipping (JJ Shipping) is finally set to launch its initial public offering (IPO) to raise cash for newbuildings.

The company, the shortsea container shipping unit of Shanghai International Port Group (SIPG), has filed an application to list on the Shanghai Stock Exchange.

The owner will sell 190,412 shares, or 15% of its stock, with SIPG maintaining control, The Loadstar reported.