IPO approval for China Metallurgical

China's Securities Regulatory Commission has granted approval for China Metallurgical to float up to 3.5 billion shares on the Shanghai Stock exchange via an initial public offering (IPO). The floatation is expected to raise some CNY 16.85 billion (US$ 2.47 billion).

In addition to these ‘A' shares, the company plans to list on the Hong Kong Stock exchange with the issue up to 3 billion ‘H' shares. However, this is subject to additional approvals. The pricing of the ‘H' share issue has not been announced.

China Metallurgical is one of the country's five largest contractors, with revenues last year of CNY 154 billion (US$ 22.5 billion). It was ranked 15^th in this year's edition of the iC league table of the world's 15 largest construction companies.