SHANGHAI Jan 8 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