China Shenhua Energy, the courntry's largest coal producer, has attracted a record 2.67 trillion yuan (US 355.6 billion) in subscriptions for its A-share innitial public offering (IPO),according to the China Securities Journal.
Shenhua has exceeded China Construction Bank (CCB) and became the biggest IPO in China to date. CCB, which went public just last week, attracted 2.26 trillion yuan in subscriptions for its own IPO.
The substantial subscriptions would likely raise 66.58 billion yuan for the coal firm, after it sells the 1.8 billion shares at 36.99 yuan.
Shenhua said it will use the raising money to invest and update its coal, power and transportation systems and purchase strategic assets.