PetroChina mulls $5b Shanghai IPO
Tuesday, 23 October 2007
SHANGHAI, Oct 22 (AFP): PetroChina, the nation's largest oil producer, announced it expects to sell about US$5.0 billion dollars of stock on the Shanghai stock exchange next month, state media reported Monday.
The company is expected to raise 37.77 billion yuan ($5.03 billion) from selling four billion shares, the Xinhua news agency said, citing the company's prospectus filed with the securities regulator.
The Beijing-based firm is now setting the price for the initial public offering and the final price will be announced next week ahead of the listing scheduled for November 5, the report said.
China's blue-chip companies are returning home to cash in on the massive boom in the nation's stock market, up about 120 per cent this year, after rising 130 per cent last year.
Shenhua Energy, China's largest coal producer, raised $8.9 billion in Shanghai earlier this month, the nation's largest ever domestic share listing.
China Construction Bank, the country's second largest bank, raked in $7.7 billion listing in September.
PetroChina said it will use proceeds of its listing to finance six projects, such as expanding its Dushanzi refinery and ethylene facilities in Xinjiang region in the northwest into China's largest, Xinhua said.
PetroChina was listed in Hong Kong in 2000, with its American Depository Receipts beginning trade on the New York stock exchange the same year.
The company is expected to raise 37.77 billion yuan ($5.03 billion) from selling four billion shares, the Xinhua news agency said, citing the company's prospectus filed with the securities regulator.
The Beijing-based firm is now setting the price for the initial public offering and the final price will be announced next week ahead of the listing scheduled for November 5, the report said.
China's blue-chip companies are returning home to cash in on the massive boom in the nation's stock market, up about 120 per cent this year, after rising 130 per cent last year.
Shenhua Energy, China's largest coal producer, raised $8.9 billion in Shanghai earlier this month, the nation's largest ever domestic share listing.
China Construction Bank, the country's second largest bank, raked in $7.7 billion listing in September.
PetroChina said it will use proceeds of its listing to finance six projects, such as expanding its Dushanzi refinery and ethylene facilities in Xinjiang region in the northwest into China's largest, Xinhua said.
PetroChina was listed in Hong Kong in 2000, with its American Depository Receipts beginning trade on the New York stock exchange the same year.