Shenhua prepares for $3 billion IPO
Shenhua Energy Co., China's largest coal miner, is reportedly getting ready for an initial public offering in May that could net the company as much as $3 billion. The shares of the company will debut simultaneously on both the Hong Kong and Shanghai stock exchanges. The $3 billion offering makes up 15% of Shenhua's capital. The company has the right to sell 18% of its capital to both domestic and foreign investors, and 7% to domestic investors only. Not to be left out, the second largest coal producer of China, National Coal Group, is also working on a $1 billion public offering that will be held before the end of the year.