Dual IPO to raise up to US$1.8b
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China Railway Materials Commercial Co plans to raise up to US$1.8 billion in a dual listing in Shanghai and Hong Kong, according to Chairman Song Yufang.
The company, or CRMSC, was set up last year to become the publicly-traded arm of its parent, China Railway Materials Commercial Corp, which is overseen by the State-owned Assets Supervision and Administration Commission.
The plan is part of the central government's push to list big state-owned companies as China seeks to accelerate reform of its industrial giants and turn them into global leaders in their specific fields. Other companies under SASAC that have started preparing to sell shares include China Minmetals and China Railway Signal and Communication.
CRMSC is planning to launch an initial public offering late this year or early 2012 to raise up to 12 billion yuan (US$1.8 billion), Song told reporters at a forum over the weekend.
He said the exact timing of the IPO will depend on regulatory approval and capital market conditions.
CRMSC accounts for 99.45 percent of its parent's sales revenue.
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