China Nuclear Power Plans $2.6 Bln Share Sale In Industry's First IPO

Posted by Joseph R. Fonseca
Sunday, May 04, 2014

 

China National Nuclear Power Co Ltd said it plans to sell shares publicly in Shanghai aiming to raise 16.3 billion yuan ($2.60 billion), the first initial public offering from the industry as China resumes expansion on its nuclear power capacity.

The listing, if approved by the securities regulator, could also the biggest mainland listing since Agricultural Bank of China Ltd debuted in July 2010, and comes after China restarted its IPO market this year.

Guotai Junan Securities Co Ltd has also applied for an IPO in Shanghai that could raise nearly 22 billion yuan, according to Reuters calculations.

The state-owned China National Nuclear plans to sell 3.651 billion shares, or 25 percent of the enlarged capital base, the company said in a preliminary prospectus posted on the website of the securities regulator over the weekend.

It plans to use the proceeds to fund projects and replenish working capital.

(Reporting by Samuel Shen and Kazunori Takada; Editing by Christopher Cushing)

($1 = 6.2593 Chinese Yuan)

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