Logistics firm plans share sale
By Richard Fu |
00:26 UTC+8 July 9, 2012
|
Print Edition
Print Edition
CHINA Railway Materials Co seeks to expand by raising up to 6 billion yuan (US$943 million) in an initial public offering on the Shanghai Stock Exchange.
The logistics firm aims to sell no more than 2.77 billion A shares, according to a listing prospectus posted on the website of the China Securities Regulatory Commission. It may also issue as many as 1.44 billion shares in Hong Kong. The CSRC hasn't approved its IPO application.
Proceeds raised from the Shanghai IPO will be used to expand logistics projects and operating networks and also to replenish working capital, it said. The Beijing-based company, a state firm split off from the Ministry of Railways, sources, trades and distributes steel for rail construction and diesel to power locomotives.
An economic slowdown has hurt investor confidence on Chinese mainland, slashing their appetite for new listings. In the first half of the year, IPOs in Shanghai and Shenzhen raised 77.5 billion yuan, down an annual 56 percent, PricewaterhouseCoopers said.
Still, PwC expects IPO activities to rebound in the second half of the year.
The logistics firm aims to sell no more than 2.77 billion A shares, according to a listing prospectus posted on the website of the China Securities Regulatory Commission. It may also issue as many as 1.44 billion shares in Hong Kong. The CSRC hasn't approved its IPO application.
Proceeds raised from the Shanghai IPO will be used to expand logistics projects and operating networks and also to replenish working capital, it said. The Beijing-based company, a state firm split off from the Ministry of Railways, sources, trades and distributes steel for rail construction and diesel to power locomotives.
An economic slowdown has hurt investor confidence on Chinese mainland, slashing their appetite for new listings. In the first half of the year, IPOs in Shanghai and Shenzhen raised 77.5 billion yuan, down an annual 56 percent, PricewaterhouseCoopers said.
Still, PwC expects IPO activities to rebound in the second half of the year.
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