Shanghai Daily reported that China Molybdenum Company will launch an initial public offering in Shanghai to fund projects worth CNY 3.65 billion.

The company aims to issue up to CNY 542 million denominated A shares or 10% of enlarged share capital. The share sale plan has been approved by the China Securities Regulatory Commission.

The company said that it will start book building tomorrow to gauge investor demand and decide the final issue price on September 20th 2012. The IPO proceeds would go towards new projects with a total investment of CNY 3.646 billion. The Luoyang, Henan Province based company is already listed in Hong Kong.

Source -Shanghai Daily.com

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