China Nat’l Chemical Plans $980 Million I.P.O.

China National Chemical Engineering will raise as much as 6.70 billion renminbi ($980 million) in an initial public offering, Reuters reported.

The offering, with a price of 4.90 to 5.43 renminbi a share, will take place in Shanghai.

The building company intends to sell 1.233 billion renminbi-denominated A shares, or 25 percent of its expanded capital after the I.P.O.

China Natl Chem Shanghai IPO to raise up to $980 mln

Dec 24 (Reuters) - Building company China National Chemical Engineering Co plans to raise as much as 6.70 billion yuan ($980 million) in an initial public offering in Shanghai, after it set an IPO price range of 4.90 to 5.43 yuan per share.

China National Chemical (601117.SS), whose competitors include China State Construction Engineering Corp (601668.SS) and Metallurgical Corp of China (601618.SS)(1618.HK), will sell 1.233 billion yuan-denominated A shares, or 25 percent of its expanded capital after the IPO.

The range allows it to raise between 6.04 billion and 6.70 billion yuan, based on calculations of figures in the company statement.

The company had previously said it needed 2.92 billion yuan to supplement working capital, buy production equipment and build an information network.

China National Chemical joins a lengthening list of Chinese companies rushing to tap the buoyant mainland and Hong Kong stock markets for funds this year, while regulators are speeding up IPO approvals in China to boost equity supply as part of an effort to prevent asset price bubbles. ($1=6.83 Yuan) (Reporting by Rujun Shen and Edmund Klamann; Editing by Jonathan Hopfner)