China-based Baosteel Group is to float its metal packaging unit in Shanghai after previously receiving corporate venturing backing.
News provider China Business News said Shanghai Baosteel Packaging, which has US publisher International Data Group’s IDG Capital Partners and a private equity arm of China-based financial services group Citic Securities as investors, needed capital for expansion by its initial public offering (IPO).
Baosteel Packaging has not determined the timing and size of the IPO, but has drawn up a preliminary plan to list in Shanghai, the newspaper reported.
Baosteel Group is China’s biggest steelmaker.