China National Nuclear Corp. (CNNC), a subsidiary of China National Nuclear Power Co. (CNNP), one of China’s three state-owned nuclear power developers, is planning its first IPO.
The IPO is intended to raise a minimum of $2.6 billion and could be the biggest listing on the Shanghai stock market since the Agricultural Bank of China debuted in July 2010.
CNNP has plans to use the funds raised by the IPO in the construction of four plants across the region. The plants will contain 10 reactors and will add to CNNP’s 12 existing nuclear power projects.
China’s current capacity is set to triple by 2017 if the 31 reactors under construction in early 2013 are set live as scheduled. This additional 35GW under construction accounts for almost half of the global nuclear power capacity being built.