Others News
- PetroChina sets A-share IPO range
Date: 26-Oct-2007 Sources: (Shenzhen Daily)
PETROCHINA, the nation's largest oil producer, set an indicative price range of between 15 yuan (US$2) and 16.7 yuan for its initial public offering of A shares in Shanghai, the firm said in a statement Thursday.
The range represents a discount of between 11 and 20 percent to Wednesday's HK$19.40 (US$2.52) close of PetroChina's Hong Kong-listed H shares.
That appears to ensure a huge rise by the A shares when they list in early November, since the A shares of dual-listed mainland companies generally trade at big premiums to their H shares.
Fund managers report massive interest in PetroChina's offer, which is expected to draw a record number of subscriptions from institutional and retail investors Thursday and Friday. The firm has said it expects to list in Shanghai on Nov. 5.
PetroChina plans to issue up to 4 billion new A shares. It will offer 70 percent 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.
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