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Last Updated: Wednesday, 13 December 2006, 12:20 GMT
China Coal float raises $1.69bn
Chinese coal miner
The firm is China's second largest mining group
China Coal has raised $1.69bn (857m) in its flotation on the Hong Kong Stock Exchange.

The second-biggest Chinese coal miner by revenues, investors snapped up 3.25 billion shares at HK$4.05 each, the top end of their price range.

China Coal is just the latest Chinese company to have an initial public offering on either the Hong Kong or Shanghai stock markets this year.

Port operator China Communications Construction floated last week.

Also new to the market during December was telecoms services provider China Communications.

On the back of China's fast-growing economy, state-owned firms are selling off minority stakes as any easy way to raise money, attracting substantial Western investment.

China Coal's flotation values the firm 14.6 times higher than its forecasted 2006 earnings.

Its shares are set to begin trading on 19 December.


SEE ALSO
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Bank of China sale raises $9.7bn
24 May 06 |  Business



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