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. Last Updated: 07/27/2016

Coal Miner Sees China's Biggest IPO

SHANGHAI -- China Shenhua Energy, the country's biggest coal miner, looks set for a strong trading debut Tuesday in Shanghai after raising a record 66.6 billion Chinese yuan ($8.9 billion), in the country's largest domestic initial public offering.

The Shanghai market appeared primed to deliver at least the double-digit gains typical of recent IPO debuts after the benchmark Composite Index rose 2.5 percent Monday to a record close of 5,692.76.

Earlier Monday, the Shanghai Composite Index hit an all-time intraday high of 5,724.36 as investors made up for lost time after a national holiday, snapping up financials and other blue chips.

Shenhua's 1.8 billion yuan-denominated shares attracted a record number of IPO subscriptions and were priced at 36.99 yuan ($4.92) each, the top of their indicative range.

The company has said it plans to use proceeds from the offering to finance expansion of its mining operations as well as possible overseas acquisitions.

China's yuan-denominated "A shares" are generally off-limits to foreign investors. But local investors have shown a seemingly insatiable appetite for new share issues, helping push the benchmark index up 113 percent since the beginning of the year.