In their Shanghai debut, A shares of Cosco Holdings rose more 83 percent over their offering price in Tuesday trading on the Shanghai stock market, following the state-owned company’s $1.98 billion Chinese IPO.

Shares of the Tianjin-based company which began the day at 8.48 yuan, closed at 16.38. The company sold 1.78 billion yuan-denominated shares, about 20 percent of the company’s 8.9 billion shares.

The company also listed 2.58 billion H-shares when it was initially listed in Hong Kong’s Hang Seng index in 2005.

The company will use the funds raised to buy 51 percent of Cosco Logistics Co. and buy 12 new ships, according to the listing prospectus.