(MENAFN) China Railway Materials Commercial Corp reduced its Shanghai initial public offering (IPO) target by 60 percent, to USD943 million, reported Reuters.
According to its draft prospectus, under the Shanghai-Hong Kong dual-listing, the company plans to issue 2.77 billion A-shares in Shanghai and around 960 million shares in Hong Kong,
The firm, which provides supply chain services for railway materials and steel products, plans to use the funds in 8 projects, including enhancing its logistics capability.
Initially, the company planned to raise USD2.32 billion through the Shanghai IPO, according to its filing to the environment ministry in November.
It is worth noting that last year, the state-owned company's profits reached USD157.1 million, while revenues reached USD32.5 billion.
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