Shaanxi Coal Industry has received approval from the China Securities Regulatory Commission (CSRC) for an initial public offering on the Shanghai bourse, Reuters reported. The company will become China’s third-largest publicly traded coal mining operation behind China Shenhua Energy (1088.HK, 601088.SH) and China Coal Energy (1898.HK, 601898.SH). Shaanxi Coal will issue up to two billion shares to fund mining activity and replenish capital, according to the draft prospectus posted on the CSRC website. The offering would become the largest IPO in mainland China this year, overtaking Sinovel Wind’s (601558.SH) US$1.49 billion January deal. However, the launch comes amid market uncertainty: The benchmark Shanghai Composite Index has fallen 7% year-to-date, and the Shanghai exchange played host to only a third of mainland IPOs in the first half of the year.