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China National Nuclear Power plans $2.6 billion IPO

Staff writer |
China National Nuclear Power Co Ltd plans to raise 16.3 billion yuan ($2.60 billion) in the industry's first initial public offering.

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State-owned China National Nuclear Power said in a preliminary prospectus on the regulator's website that it plans to sell 3.651 billion shares, or 25 percent of its enlarged capital base, to fund projects and replenish working capital.

The listing would be part of the government's drive toward cleaner energy, under which it aims for installed nuclear power capacity of 58 gigawatts by 2020 from 14.6 gigawatts in 2013, rising to 200 gigawatts by 2030.

China, the world's largest power producer, has emerged as the biggest market for nuclear plants. The country generates less than 2 percent of electricity from 17 nuclear reactors - nine owned by China National Nuclear Power and the rest by State-owned China General Nuclear Power Corporation.

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