China Knowledge reported that Citic Heavy Industries Co controlled by CITIC Group China largest state-owned investment conglomerate plans to raise around CNY 6 billion or USD 951 million via an initial public offering in China next year.

In a statement, Citic Heavy Industries said it will sell 880 million new A shares in the IPO. But the company did not disclose the IPO price.

Zhong De Securities Co has been assigned as underwriter for the deal.

A person familiar with the matter said China Securities Regulatory Commission will review the IPO after the New Year holiday.

According to statistics released by the National Technical Committee of Mining Machinery of Standardization Administration of China More than 50% of Citic Heavy Industries' revenue is derived from the overseas market.

(Sourced from China Knowledge)