China's Sinochem plans to raise up to 35 billion yuan ($5.5 billion) via an initial public offering (IPO) in Shanghai, in what could easily be the biggest IPO in the country in the past year. The firm, which has businesses ranging from oil exploration to chemicals to property, will use the proceeds to fund a refinery project in Quanzhou, it said in a filing posted Thursday. In July, Sinochem obtained approval from the country's environmental watchdog to build a 240,000 b/d plant in the southeastern province of Fujian, which is expected to cost 29.38 billion yuan.
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