Shanghai SK Petroleum launches $107.5m China IPO

SHANGHAI(ICIS news)--China’s Shanghai SK Petroleum & Chemical Equipment Corporation Ltd hopes to raise yuan (CNY) 734m ($107.5m) through an initial public offering (IPO) of 46m shares at the Shenzhen Stock Exchange.

The shares priced at CNY15.96 each would be open to investors on 28 July, the company said in a disclosure to the stock exchange on Monday.

The IPO proceeds would be used to beef up the company's capital and fund its expansion, according to the filing.

China Euro Securities Limited (CESL) was the lead underwriter of the offering, SK Petroleum said.

Shanghai SK is engaged in research, development and manufacturing of petroleum exploration instruments and machinery.

The actual listing of the shares on the Shenzhen bourse has yet to be determined.

($1 = CNY6.83)