Nuclear IPO gets strong reaction in Shanghai

Nuclear construction giant CNEC raises $278 million from its long-awaited initial public offering in Shanghai, the second largest A-share flotation so far this year.

China Nuclear Engineering Corporation CNEC, the country’s nuclear construction giant, raised Rmb1.82 billion $278 million from its long-awaited initial public offering in Shanghai, making it the second largest A-share flotation so far this year.

The nuclear power plant builder sold 525 million new shares, or 10% of its enlarged share capital, at Rmb3.47 per share, according to its filing with the Shanghai stock exchange on Thursday.

The IPO saw huge interest from retail and institutional investors reflecting, analysts say, the huge potential for growth in energy-hungry China's fast-developing nuclear industry. Others pointed to the impact of new rules that allow investors to apply for shares without...

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