Shaanxi Coal plans largest IPO in 2 years

Shaanxi Coal Industry Co said on Tuesday it plans to raise 9.8 billion yuan ($1.62 billion) with a listing on the Shanghai Stock Exchange, setting the stage for a flood of deals in coming weeks with China's largest initial public offering since late 2011.

The deal is among 11 already approved by the China Securities Regulatory Commission since the regulator ended a freeze on IPOs that started in late 2012. Shaanxi Coal will begin book-building from Jan 10 to 14 and wrap up subscriptions by Jan 17.

The size of the Shaanxi IPO, which will be the biggest since Sinohydro Group Ltd's 13.5 billion yuan listing in October 2011, was reduced by 43 percent from the company's original fund-raising target of 17.2 billion yuan, previously announced in 2011.