SINGAPORE, June 18 (Reuters) - China Resources New Energy has set the price for its Shenzhen initial public offering at 10.11 yuan per share to raise as much as 24.5 billion yuan ($3.6 billion) if an option to sell additional shares is fully used, a filing showed on Thursday.
The renewable unit of China Resources Power will raise 21.30 billion yuan before a so-called greenshoe option to sell more shares if there is high demand, which would be short of its original 24.5 billion yuan target. However, the sale would match that target exactly if the greenshoe were exercised.
Strategic investors will take 1.05 billion shares, or half of the base deal, according to the filing. They include China Chengtong Holdings Group, Shenzhen Gas, Shaanxi Investment Group, China Life Insurance, New China Life Insurance, Taikang Life Insurance and the National Social Security Fund.
The shares are due to start subscription on June 22, the filing said. The listing proceeds will go toward investment for wind and solar projects.
($1 = 6.7577 Chinese yuan)
Reporting by Yantoultra Ngui; Editing by Christian Schmollinger and Kevin Buckland
Source: Reuters