Monday July 13, 06:50 AM
China construction giant set for massive IPO
SHANGHAI (AFP) - China State Construction Engineering Corporation, the country's largest home builder, has said it hopes to raise more than 5.9 billion dollars in the biggest domestic IPO since early 2008.
The company obtained final regulatory approval to list on Shanghai's stock market late Friday and planned to issue up to 12 billion A-shares, it said in a prospectus filed with the Shanghai Stock Exchange on Monday.
Investors can place orders on July 21 and 22, the prospectus said, adding the money raised will help fund new housing developments, infrastructure projects, and supplement working capital.
China Construction's listing is the largest initial public offering, or IPO, on Chinese mainland markets since securities regulators ended a nine-month moratorium on flotations last month.
Regulators approved a handful of small and medium sized listings last month. The strong debuts of Guilin Sanjin Pharmaceutical and Zhejiang Wanma Friday boosted regulators' confidence, analysts said.
The key Shanghai Composite Index has gained more than 70 percent since the beginning of the year, rising above 3,100 points.
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