Company scales back Shanghai IPO target
Source: Agencies |
July 10, 2012, Tuesday
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Print Edition
Print Edition
CHINA Railway Materials Commercial Corp plans to raise up to 6 billion yuan (US$943 million) through the Shanghai leg of its proposed Shanghai-Hong Kong dual-listing, down 60 percent from its initial target, its draft prospectus has showed.
The state-owned company, which provides supply chain services for railway materials and steel products, said it aims to issue up to 2.77 billion A shares in Shanghai and up to about 960 million shares in Hong Kong. It did not give a fundraising target for the Hong Kong listing.
The firm said in a filing to the environment ministry in November that it planned to raise 14.7 billion yuan via the Shanghai IPO. Companies with operations that affect the environment, such as miners and oil refinery operators, need to win clearance from the environment ministry before seeking approval from the securities regulator for IPOs.
The funds would be used in eight projects, including improving its logistics capability, the company said in the draft prospectus.
China Railway Materials was ranked 430th in the global Fortune 500 in 2011, with US$32.5 billion in revenues and US$157.1 million in profits in 2011.
The state-owned company, which provides supply chain services for railway materials and steel products, said it aims to issue up to 2.77 billion A shares in Shanghai and up to about 960 million shares in Hong Kong. It did not give a fundraising target for the Hong Kong listing.
The firm said in a filing to the environment ministry in November that it planned to raise 14.7 billion yuan via the Shanghai IPO. Companies with operations that affect the environment, such as miners and oil refinery operators, need to win clearance from the environment ministry before seeking approval from the securities regulator for IPOs.
The funds would be used in eight projects, including improving its logistics capability, the company said in the draft prospectus.
China Railway Materials was ranked 430th in the global Fortune 500 in 2011, with US$32.5 billion in revenues and US$157.1 million in profits in 2011.
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