Reuters: Global Markets: China Railway Materials cuts Shanghai IPO target to $943 million

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China Railway Materials cuts Shanghai IPO target to $943 million Jul 9th 2012, 03:15 SHANGHAI | Sun Jul 8, 2012 11:15pm EDT SHANGHAI (Reuters) - China Railway Materials Commercial Corp plans to raise up to 6 billion yuan ($943 million) through the Shanghai leg of its proposed Shanghai-Hong Kong dual-listing, down 60 percent from its initial target, its draft prospectus showed. The state-owned company, which provides supply chain services for railway materials and steel products, said it aims to issue up to 2.77 billion A-shares in Shanghai and up to about 960 million shares in Hong Kong. It did not give a fundraising target for the Hong Kong listing. The firm said in a filing to the environment ministry in November that it planned to raise 14.7 billion yuan via the Shanghai IPO. Companies with operations that affect the environment, such as miners and oil refinery operators, need to win clearance from the environment ministry before seeking approval from the securities regulator for IPOs. The funds would be used in 8 projects, including improving its logistics capability, the company said in the draft prospectus. China Railway Materials was ranked 430th in the global Fortune 500 in 2011, with $32.5 billion in revenues and $157.1 million in profits in 2011. The company sells steel products, iron ore, coal products and other minerals, and provides services including transportation, storage, processing, distribution, custodial services and information management, according to its website. ($1 = 6.3644 Chinese yuan) (Reporting by Chen Yixin and Gabriel Wildau; Editing by Kazunori Takada and Richard Pullin) Link this Share this Digg this Email Reprints

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