Three college students are set to become overnight millionaires after a Sichuan oilfield service company's initial public offering, the Chongqing Economic Times reported Wednesday.

The Sichuan Renzhi Oilfield Technology Service Co Ltd is to float 28.61 million shares on Shenzhen Stock Exchange's Small and Medium Enterprise Board (SME Board), after receiving approval from the China Securities Regulatory Commission on Monday.

Based on the SME Board's average price earning ratio of 40, the IPO price of the oilfield service provider is expected to be around 28 yuan, the paper said.

Gan Saiyi, a graduate student at Sichuan University, who directly holds 300,000 Renzhi shares, will see her holdings worth 8.4 million yuan ($1.3 million).

Wang Jingyi, a student at Southwest University of Finance and Economics, who indirectly holds stakes of the company, is to have 7.42 million yuan from the IPO, and Yang Fan, who studies at Southwest Petroleum University, is to have 3.64 million yuan through his indirect holdings.

The students received their initial investment capitals mainly from their family members, the company said in its prospectus.