China State Construction Engineering announced that it is planning to raise at least US$5.93 billion through an initial public offering on the Shanghai stock exchange, the Wall Street Journal reported. The listing of the construction giant would be the largest in the world in 2009, so far. The IPO is scheduled sooner than was expected, given the stated preference of the China Securities Regulatory Commission to gradually restart IPOs small-cap firms. Observers say that regulators may have been convinced of the market’s readiness for a large IPO by the success of the IPOs of Guilin Sanjin Pharmaceutical and Zhejiang Wanma Cable. China State Construction announced in a statement to the Shanghai Stock Exchange’s website that its issue, underwritten by China International Capital Corp, will offer as many as 12 billion A-shares, which it said won’t exceed more than 40% of the company’s enlarged share capital.