China State Construction Engineering Corp has been given the final go-ahead to raise up to Rmb42.6bn ($6.2bn) on the Shanghai market in what is likely to be the world's largest listing this year.
China's largest home builder, one of the beneficiaries of Beijing's economic stimulus policies, said it would issue as many as 12bn renminbi-denominated A shares and use the money to fund projects worth Rmb40.5bn.
The deal comes after market offerings have suffered one of their worst six-month spells on record – a legacy of the credit crisis. However, interest in flotations has risen in recent months, triggered by the sharp stock market rally that began in March.
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