Shaanxi Coal eyes 17.3b yuan IPO

SHAANXI Coal Industry has applied to enter into an initial public offering in Shanghai to fund 17.3 billion yuan (US$2.7 billion) of spending. The China Securities Regulatory Commission said it would review Shaanxi Coal's application next Monday, according to a statement on the commission's website today. Shaanxi Coal has 10.5 billion tons of recoverable coal reserves, which would make it the third largest among listed coal producers in China, according to its listing prospectus. Chinese coal miners are increasing capacity to meet demand from power stations, benefiting from rising prices. The IPO's size could make it the largest on China's mainland since China Everbright Bank Co's IPO raised 18.9 billion yuan in August last year. Sinohydro Group, China's biggest dam builder, also last month applied for a 17.3 billion yuan Shanghai IPO.

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