China Resources New Energy has priced its Shenzhen initial public offering (IPO) at 10.11 yuan per share, positioning the renewable energy developer to raise up to 24.5 billion yuan ($3.6 billion) if an overallotment option is fully exercised, according to a regulatory filing reviewed by Reuters.The company will initially raise about 21.3 billion yuan through the sale of around 2.11 billion shares before the exercise of the so-called greenshoe option. If investor demand is strong and the option is fully used, an additional 316.1 million shares will be sold, taking the total fundraising to the originally targeted 24.5 billion yuan, Reuters reported.The listing is set to become the largest IPO ever on the Shenzhen Stock Exchange, surpassing Yihai Kerry Arawana's 13.9 billion yuan offering in 2020. It would also mark China's biggest domestic IPO since Beijing-Shanghai High-Speed Railway raised 30.7 billion yuan in Shanghai in 2009, according to LSEG data cited by Reuters.China Resources New Energy, the renewable energy arm of China Resources Power, develops and operates wind farms and photovoltaic power plants across China. The proceeds from the IPO will be used to finance investments in new wind and solar power projects, Reuters reported.According to the filing, the pricing process attracted significant institutional interest. A total of 616 investors, including institutions and individual investors managing 10,218 accounts, participated in the offline price consultation. After excluding invalid and excessively high bids, 461 investors representing 9,492 accounts submitted valid bids.Strategic investors have committed to purchasing approximately 1.05 billion shares, equivalent to half of the base offering. These investors include China Chengtong Holdings Group, Shenzhen Gas, Shaanxi Investment Group, China Life Insurance, New China Life Insurance, Taikang Life Insurance and the National Social Security Fund, according to the filing cited by Reuters.The company has scheduled the subscription period for June 22, with the offering expected to strengthen funding for its renewable energy expansion as China continues to accelerate investments in clean power infrastructure.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)