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China National Nuclear plans IPO
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China National Nuclear Power Co plans to raise at least 16.25 billion yuan (US$2.6 billion) in an initial public offering as China builds more reactors to generate electricity.
The nuclear power operator aims to sell up to 3.651 billion A shares on the Shanghai Stock Exchange, or 25 percent of its enlarged capital base, according to a preliminary listing prospectus posted on the China Securities Regulatory Commission website over the weekend.
The Beijing-based company said it plans to use 16.25 billion yuan of the proceeds to fund construction of four nuclear projects and replenish working capital.
The IPO plan comes amid a government push to reduce reliance on coal and curb pollution. The country has 28 nuclear reactors under construction, tops in the world, according to the World Nuclear Association.
China National's bigger rival, Shenzhen-based China General Nuclear Power Group, was reportedly seeking to raise about US$2 billion in a Hong Kong IPO in the second half of the year.
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