HONG KONG, April 30 (Reuters) - China Postal Express & Logistics, a unit of China Post Group, said in a prospectus filing that it could raise 10 billion yuan ($1.6 billion)from an initial public offering that would be one of the biggest planned for Asia this year.
The company plans to sell up to 4 billion shares on the Shanghai stock exchange, equivalent to one-third of its enlarged capital, according to the prospectus filed on Saturday with the China Securities Regulatory Commission (CSRC). China Postal gave no price range on the proposed offering.
Citic Securities was hired as sponsor of the IPO, which will be reviewed by the CSRC on May 4.
The IPO would be among the biggest in Asia Pacific in 2012, after the slowest start in equity capital markets in the region in four years, according to Thomson Reuters data.
Tesco Lotus's property fund had the biggest IPO in Asia ex-Japan so far in 2012, with a $600 million deal in March. Other large offerings planned for the year include the $2 billion IPO by Felda Global Ventures Holdings in Malaysia, the $2 billion listing of Formula One racing in Singapore, and the $1 billion deal by Graff Diamonds in Hong Kong.
Founded in June 2010 by China Post and 31 provincial postal companies, the company's history dates back to 1985, when it started international express mail delivery.
China Postal plans to use proceeds of the offering to expand its logistics centers, warehouses and delivery network, according to the prospectus. The company had turnover of 25.89 billion yuan in 2011 and profit of 901 million yuan. ($1 = 6.310 Chinese Yuan) (Reporting by Joy Leung; Writing by Elzio Barreto; Editing by Eric Meijer)