China Petrochemical Corp., the nation’s biggest refiner, plans to seek about $1.5 billion in an initial public offering of its engineering unit, two people with knowledge of the matter said.
The IPO of Sinopec Engineering (Group) Co. may start in Hong Kong in the second half next year, said the people, who asked not to be identified because the information is private. China Petrochemical, known as Sinopec Group, is injecting part of its oilfield services business into the unit, which was set up this year, they said.
Citic Securities Co., JPMorgan Chase & Co. and UBS AG are among banks arranging the offering, the people said. A Beijing-based spokesman for Sinopec couldn’t be reached to comment on the plan.
The Wall Street Journal reported the IPO plan earlier today.