(Yicai Global) May 31 -- Chia Tai Investment, one of China’s largest animal feed producers and pig breeders, plans to raise CNY15 billion (USD2.4 billion) from an initial public offering in Shanghai.

Chia Tai will issue 567 million shares, or 12 percent of its total stock, the Beijing-based company said in a prospectus published on May 27. It also plans to develop 17 pork supply chain projects in China.

Founded in 1996, Chia Tai is a unit of Charoen Pokphand Food, which is owned by Thailand’s richest family. At the end of last year, it owned 84 feed mills, 97 hog farms, and had nearly 1,800 big commercial pig-fattening farms in 29 locations in China. Its feed output reached 9.5 million tons, giving the firm a 3.8 percent market share.

Net profit surged almost four times to CNY7.6 billion (USD1.2 billion) last year on a 43 percent jump in revenue to CNY45.7 billion (USD7.2 billion), according to Chia Tai’s IPO prospectus.

Set up by the Chinese Chia brothers in 1921, CP Group indirectly owns all of Chia Tai through Chia Tai Animal Husbandry Investment Beijing, CP China Investment and Chia Tai Food Enterprises Qinhuangdao.

Editor: Futura Costaglione