Beijing-Shanghai High-Speed Railway Co Ltd, the operator of the country's most lucrative rail route, said in a file on Tuesday evening that company shares will be listed on the Shanghai Stock Exchange on Thursday.

The company submitted its prospectus on Oct 22. Twenty-three days later, on Nov 14, it received IPO approval from the China Securities Regulatory Commission, which set a new record for the shortest waiting period for regulatory approval.

The company will raise funds of 30.63 billion yuan at a net price of 4.88 yuan per share, Beijing-Shanghai High-Speed Railway said in a statement filed to the stock exchange on Jan 3. Based on the offer price, the company has a price-to-earnings (P/E) ratio of 23.39 times, breaking the ceiling by a factor of 23 in real terms for the first time in new shares issuance.

According to financial data provider Wind Info, as of Sept 30, the net asset value per share of Beijing-Shanghai High-Speed Railway was 3.73 yuan.

With registered capital of 42.82 billion yuan, Beijing-Shanghai High-Speed Railway Co Ltd was founded on Jan 9, 2008, and its business covers railway construction, passenger transportation, consultation service, equipment purchase and sales, property management, logistics, storage and parking lots.

China Railway Investment Co Ltd, with 49.76 percent of shares, is the controlling shareholder of the Beijing-Shanghai High-Speed Railway Co Ltd.

According to its prospectus, the funds raised from the IPO will be used to acquire a majority 65.08 percent stake in the Anhui branch of the Beijing-Fuzhou High-Speed Railway.

As the operator of the country's most lucrative rail route, the Beijing-Shanghai High-Speed Railway reported revenue of 25 billion yuan for the first three quarters of 2019. In 2018, the company registered a net profit of 10.25 billion yuan.