PetroChina to sell shares on Shanghai market
Tuesday, 23 October 2007
SHANGHAI, Oct 21 (Reuters): PetroChina, China's largest oil and gas producer, said Sunday it was to make an initial public offering of shares in Shanghai that may be China's largest, raising more than $9 billion.
Consultations with investors on pricing will start Monday and subscriptions will be taken Thursday and Friday. Funds will be returned to unsuccessful applicants on Oct 30 and 31, the company said.
PetroChina did not say when it would list in Shanghai, but listings generally occur within about 10 days of the completion of initial public offerings.
The company plans to issue up to four billion new local-currency A shares, or 2.2 per cent of its expanded share capital. It will offer 70 per cent of the shares to retail investors and 30 percent to institutions, though the ratio may be adjusted in favor of the retail tranche if demand is strong.
Consultations with investors on pricing will start Monday and subscriptions will be taken Thursday and Friday. Funds will be returned to unsuccessful applicants on Oct 30 and 31, the company said.
PetroChina did not say when it would list in Shanghai, but listings generally occur within about 10 days of the completion of initial public offerings.
The company plans to issue up to four billion new local-currency A shares, or 2.2 per cent of its expanded share capital. It will offer 70 per cent of the shares to retail investors and 30 percent to institutions, though the ratio may be adjusted in favor of the retail tranche if demand is strong.