CNG Power seeks as much as $3.16bn in IPO

CGN Power Co., China’s largest nuclear power plant operator, is making 8.83 billion shares available today in its initial public offering, The Wall Street Journal reported, citing unnamed sources. CGN plans to offer shares for HK$2.43 – HK$2.78 and hopes to raise US$3.16 billion, which would make it Hong Kong’s largest IPO this year. It will also represent the first pure nuclear plant operator to list anywhere in the world since British Energy Group went public in 1996. The company currently operates 11 nuclear power generating units, mainly in China’s southern Guangdong province.