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China Coal Energy targets $1.7 billion in Hong Kong IPO

The Mainland's second largest coal producer sets the price range at a discount to its larger peer China Shenhua Coal.
China Coal Energy, which kicked off the institutional portion of its initial public offering yesterday, is looking to raise up to $1.7 billion, according to sources.

The targeted size is slightly larger than the $1.2 billion to $1.5 billion talked about during pre-marketing and follows overwhelming demand for a series of other Hong Kong IPOs in the market over the past week. ChinaÆs second largest coal producer based on revenue could be in for more of a challenge, however, after the Hang Seng Index dropped 2.9%, or 564 points, on Tuesday this week in its worst one-day performance since the September 11 terrorist attacks on New York in 2001.

The set back, which came...
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