China Resources New Energy Plans $3.6 Billion Shenzhen IPO

China Resources New Energy (the'renewable energy division' of?China Resources Power) plans to raise approximately 24.5 billion Yuan ($3.62billion) through a Shenzhen Initial Public Offering, according to the prospectus it filed on Thursday.

The company operates photovoltaic and wind farms in China, and is the group's primary renewable energy platform.

According to the filing, price consultations will start on June 16 and subscriptions are scheduled to open on June 22.

The proceeds will be used to finance a pipeline renewable energy projects including wind and solar development.

The deal, if completed in this size, would be among the biggest China listings of recent years. Year-to date total new listing proceeds 'on China's.domestic exchanges reached $28.3bn as of June 9 - roughly doubling the amount from a year ago, according to LSEG.

The transaction is being backed by China International Capital Corporation (CICC), Citic Securities, and other sponsors. $1 = 6.7757 Chinese Yuan (Reporting and editing by Yantoultra Ngui, Muralikumar Aantharaman and Himani Sarkar)

(source: Reuters)