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Chinese Energy Group Goes for the IPO

The largest coal producer in energy-hungry China...

The largest coal producer in energy-hungry China, Shenhua, plans to launch an overseas IPO this year worth roughly US $ 1.5 billion.

The firm invited foreign investment banks, including Merrill Lynch, Morgan Stanley, Citigroup and JP Morgan to Beijing to make underwriting pitches. "Coal mining is so hot these days that almost all major investment banks joined the underwrite," one source said.

China's fast-growing economy and a power sector that relies predominantly on coal are driving a rise in consumption and coal prices.