SHANGHAI, March 20 (Reuters) - Baosteel Group Corp’s metal packaging unit, whose clients include beverage makers such as Coca-Cola Co and PepsiCo Inc, is planning an initial public offering in Shanghai, the China Business News reported on Tuesday, citing unidentified company officials.
Shanghai Baosteel Packaging Co Ltd, which counts IDG Capital Partners and a private equity arm of Citic Securities Co Ltd as investors, needs capital for expansion, the newspaper said.
Established in 2004, the company has total assets exceeding 1 billion yuan ($158.15 million) and aims to generate 10 billion yuan in sales by the end of 2015, according to the article.
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 and has four listed units - Baoshan Iron & Steel Co Ltd, Shanghai Baosight Software Co Ltd, Xinjiang Ba Yi Iron & Steel Co Ltd and Sgis Songshan Co Ltd.
$1 = 6.3233 Chinese yuan Reporting by Samuel Shen and Gabriel Wildau; Editing by Chris Lewis