Shaanxi Coal thaws China’s fridge IPO market

David Nealis President of Ceres Ltd

Shaanxi Coal plans US$1.62 billion IPO on Shanghai Exchange

China's third largest coal producer; Shaanxi Coal Industry Co., has announced that  it plans to list on the Shanghai Stock Exchange with the aim of raising RMB9.8 billion(US$1.62  billion).

This would be the country’s largest IPO since late 2011 and what many hope is a  sign that the IPO market in China is coming out of its deep freeze.

Shaanxi Coal plans to issue up to 10 billion shares 10% of its expanded capital base after the IPO. The deal is among 11 already approved by the China Securities Regulatory Commission (CSRC).  A spokesman from Shaanxi Coal said the proceeds from the deal will be used to boost its coal reserves, increase production and construct new coal transport facilities.

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