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Metallurgical Corp. of China plans to sell no more than 3.5 billion A-shares at the Shanghai bourse for its initial public offering (IPO), the company said in a statement to the Shanghai Stock Exchange late Monday.
The sale price will be set between five yuan (0.73 U.S. dollars) to 5.42 yuan per share, the statement said. The A-share sales will help the company raise as much as 18.97 billion yuan.
Of the total, 1.4 billion shares will be issued off-line and the remaining 2.1 billion shares will go to online orders, according to the statement.
The company will conduct on-line shares sales on Sept. 9.
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