China’s biggest tourist agency will launch an initial public offering on the Shanghai Stock Exchange, Reuters reported. China International Travel Service’s (CITS) IPO will be worth around US$249 million and be used to fund expansion and upgrading of facilities. CITS will issue around 220 million A-shares on Wednesday, amounting to 25% of its expanded capital. Analysts said that the proposed IPO is not large enough to have a significant effect on the overall market. China’s stock regulator has encouraged a number of firms to launch IPOs since it resumed approvals in June after a 10-month ban. It comes off the back of an increasingly volatile share market, with the benchmark Shanghai Composite Index having rebounded 13% this month after a 22% slump in August, its second biggest monthly fall in 15 years.