Jul. 9, 2012 (China Knowledge) - China Railway Materials Co Ltd, state-owned logistics enterprises, plans to raise up to RMB 6 billion through an initial public offering on the Shanghai Stock Exchange.

The company plans to issue no more than 2.77 billion shares in Shanghai, said it in a prospectus posted on the website of the China Securities Regulatory Commission.

CITIC Securities Co<600030><6030> will be sponsor for the Shanghai offering.

Proceeds from the Shanghai IPO will be used to expand the firm's domestic logistic bases and operating networks and to replenish its working capital.

China Railway Materials also said that it would seek to offer 1.25 billion shares in Hong Kong, excluding an over-allotment.