China National Nuclear Power: China just had its largest IPO since 2011

 
Emma Haslett
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China has previously pledged to build 30 nuclear power plants (Source: Getty)

China National Nuclear Power (CNNPC to its friends) made its debut on the Shanghai Stock Exchange today, raising 13.19bn yuan (£1.4bn) in the process.

The IPO is Shanghai's largest since 2011 (although to be fair it has been planning to IPO since 2012), when Power Construction Corporation of China listed. Priced at 3.39 yuan, shares jumped as high as 4.88 yuan as the market opened.

The company, one of China's two state nuclear reactor builders, said earlier this month it hoped to use the cash to build four new power stations, including the world's first Westinghouse AP1000 reactor. That should help more than double China's nuclear capacity to 58gw, from 21gw at the moment, as the country attempts to wean itself off coal.

China's stock market has jumped since November, when its central bank lowered interest rates.

Just to make things more confusing, CNNPC is a subsidiary of China National Nuclear Corp (CNNC).

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