China Railway Materials Commercial Co (CRMSC) has unveiled plans to raise up to $1.8bn in a dual listing in Shanghai and Hong Kong in late 2011 or early next year.
The company was established last year to become the listed arm of its parent, China Railway Materials Commercial Corporation, which is managed and supervised by the state-owned Assets Supervision and Administration Commission.
CRMSC has a registered capital of CNY5.6bn ($846.6m) and intends to raise up to CNY12bn ($1.8bn), depending on regulatory approval and capital market conditions.
The plan is part of the central government's effort to list large state-owned companies in a bid to reform them into global giants.
CRMSC accounts for 99.45% of its parent's sales revenue and will use the initial public offering proceeds to expand its railway materials supply businesses, according to the Shanghai Daily.
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