Shaanxi Coal applies for IPO
By Richard Fu |
00:29 UTC+8 August 27, 2011
|
Print Edition
Print Edition
SHAANXI Coal Industry is seeking to launch an initial public offering on the Shanghai Stock Exchange to raise 17.3 billion yuan (US$2.7 billion).
The China Securities Regulatory Commission will review Shaanxi Coal's application on Monday, according to a statement on it website dated Thursday night.
Shaanxi Coal has 10.5 billion tons of recoverable coal reserves, which would make it the third-largest among listed coal producers in China, according to the company's listing prospectus. The proceeds will be used to fund expansion and replenish working capital.
China Shenhua Energy Co and China Coal Energy Co are the two largest listed coal miners in China.
Chinese coal miners are increasing capacity to meet demand from power stations, benefiting from rising prices. Shenhua last week said its first-half net profit rose 16.1 percent year on year, citing preliminary data.
Shaanxi Coal's IPO size could make it the largest on Chinese mainland since China Everbright Bank Co's Shanghai initial share sale, which raised 18.9 billion yuan in August last year.
The China Securities Regulatory Commission will review Shaanxi Coal's application on Monday, according to a statement on it website dated Thursday night.
Shaanxi Coal has 10.5 billion tons of recoverable coal reserves, which would make it the third-largest among listed coal producers in China, according to the company's listing prospectus. The proceeds will be used to fund expansion and replenish working capital.
China Shenhua Energy Co and China Coal Energy Co are the two largest listed coal miners in China.
Chinese coal miners are increasing capacity to meet demand from power stations, benefiting from rising prices. Shenhua last week said its first-half net profit rose 16.1 percent year on year, citing preliminary data.
Shaanxi Coal's IPO size could make it the largest on Chinese mainland since China Everbright Bank Co's Shanghai initial share sale, which raised 18.9 billion yuan in August last year.
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