China Resources New Energy will debut on July 2, the biggest IPO in Asia this year.

China Resources New Energy is set to begin trading in Shenzhen, China on July 2, after an initial public offer that could raise as much as 24.5 billion yuan (3.6 billion dollars). This will be the largest IPO ever for Shenzhen and Asia.

China's stock exchange has just witnessed a?blockbuster deal that tests the appetite of investors for clean energy. Beijing is targeting half its electricity to come from non-fossil fuels by 2030. Power producers are also facing falling power prices and grid limitations, as well as heavy competition.

This listing gives China Resources Power, the parent company of its renewable energy division, a new source of funding.

China Resources New Energy announced in a Shenzhen Stock Exchange document on Tuesday that its shares will?be listed to the main board of the exchange on Thursday.

Before the overallotment, which allows banks sell additional shares if there is a high demand, the company sold 2,11 billion shares for 10.11 yuan per share. If the option is used in full, then the deal will be worth about 24.5 billion Chinese yuan.

According to LSEG data from last week, the IPO will be the largest ever in Asia this year.

According to LSEG, it would also surpass Yihai Kerry's 2020 Shenzhen 'listing', which raised 'about 13.9 billion yuan', as the largest listing ever on the exchange.

The demand was high. After a'reallocation of shares the online?retail tranche had been subscribed more than 683 time, according to a listing filing.

China Resources New Energy operates and develops photovoltaic and wind power plants in China. The proceeds from the listing will be used to invest in wind and solar projects.

CICC and CITIC Securities were the joint sponsors of this deal and are also its lead underwriters.

(source: Reuters)