The state-owned port operator plans to sell 776.4m new shares at HKD 3.76 (48.5 US cents) each before listing on 6 June 2014.
Qingdao is the second Chinese port operator to go public in Hong Kong in six months.
Qinhuangdao Port Co, China’s largest coal-port operator by capacity, raised $562m in December 2013.
Qingdao Port has secured six cornerstone investors for the IPO who between them could buy nearly half the shares offered worth $168m.
The six comprise Shanghai Zhenhua Port Machinery (Hong Kong) Co, CCCC First Harbor Engineering Co, Sinotruck (Hong Kong) International Investment, China International Marine Containers, DP World Asia and Ming Cheng Co.
The Port of Qingdao ranked seventh in total throughput, eighth in container throughput, and sixth in metal ore throughput in the world in 2012, and ranked seventh in container throughput in the world in 2013, according to Drewry.
In 2011, 2012 and 2013, Qinhuangdao Port Co handled about 88.1%, 83.4% and 76.4%, respectively, of the total cargo throughput of the Port of Qingdao.
For the years ended December 31, 2011, 2012 and 2013, our total throughput was 346mt, 359.5mt and 365mt, respectively.
BOC International Holdings, Citic Securities Co and UBS are the joint sponsors of the deal, according to the term sheet.
