Metallurgical Corp. of China plans to sell no more than 3.5 billion A-shares at the Shanghai bourse for its initial public offering (IPO), the company said in a statement to the Shanghai Stock Exchange late Monday.

The sale price will be set between five yuan (US$0.73) to 5.42 yuan per share, the statement said. The A-share sales will help the company raise as much as 18.97 billion yuan.

Of the total, 1.4 billion shares will be issued off-line and the remaining 2.1 billion shares will go to online orders, according to the statement.

The company will conduct on-line shares sales on Sept. 9.

(Xinhua News Agency September 8, 2009)