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RPT-Shaanxi Coal shares open up 20 pct in biggest China listing since 2012
January 28, 2014 / 1:45 AM / 4 years ago

RPT-Shaanxi Coal shares open up 20 pct in biggest China listing since 2012

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SHANGHAI, Jan 28 (Reuters) - Shares of Shaanxi Coal Industry Co Ltd, China’s third biggest listed coal miner, jumped 20 percent at open in its Shanghai debut on Tuesday, in the biggest mainland China listing since the initial public offering market was reopened late last month.

The first day spike in Shaanxi Coal’s shares is in line with those of other companies that have listed on China’s bourses over the past few weeks, as the securities regulator stepped up its oversight over pricing of IPOs.

Shares of Shaanxi Coal opened at 4.8 yuan, up from its IPO price of 4 yuan. Under the new listing rules, shares are allowed to rise or fall up to 20 percent at the open from the IPO price.

The company raised 4 billion yuan ($661.29 million) in its IPO, down about 60 percent from a target set this month following the increased policing by the stock regulator.

China Securities, CICC and BOC International are the underwriters for the deal. ($1 = 6.0488 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Kazunori Takada)

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