Guodian plans US$750 million IPO

China's fourth largest power producer, China Guodian, is seeking to raise up to US$750 million in an initial public offering next year in order to finance new power projects, Bloomberg reported quoting figures close to the planned sale. The sale is the latest in a string of IPOs by Chinese power companies following the breakup of the state power generating monopoly two years ago. Sale of Guodian shares is being arranged by China International Capital and Morgan Stanley. The company plans to make itself China's third largest power generator next year, boosting output to 40 million kilowatts, with plans to increase capacity by a further 50% by 2010.