Shaanxi Coal to launch China's largest IPO in over 2 years
SHANGHAI, Jan 8 (Reuters) - China's Shaanxi Coal Industry Co. aims to raise 9.8 billion yuan ($1.62 billion) in a listing on the Shanghai Stock Exchange, it said on Tuesday, the country's largest initial public offering since late 2011.
Regulators had frozen IPOs since late 2012 but said they would be allowed to resume in January. Over 30 companies are already queued to list in Shanghai and Shenzhen, and Ernst & Young estimates that total fundraising this year could top 200 billion yuan, nearly twice the amount raised in 2012.
Shaanxi Coal, a state-owned giant based in China's coal-rich northern province of the same name, plans to issue up to 10 billion shares, or 10 percent of its expanded capital base after the IPO, it said in the prospectus.
The scope of the IPO, which will be the biggest since Sinohydro Group Ltd's 13.5 billion yuan listing in October 2011, was reduced by 43 percent from the company's original fund-raising target of 17.2 billion yuan, previously announced in 2011.
China International Capital Corp, BOC International (China) Ltd and Citic Securities will be the IPO's lead underwriters, Shaanxi Coal said in the prospectus.
(Reporting by Lu Jianxin and Pete Sweeney; Editing by Joseph Radford)