Big debut: for PetroChina chief Jian Jiemin
PetroChina's on top of the world
Shares in PetroChina nearly tripled in their mainland China market debut today, making it the world's largest listed company by market capitalisation with a total market value of $1.1 trillion.
PetroChina’s local-currency A shares opened at 48.60 yuan ($6.51) today, compared with their IPO price of 16.70 yuan.
The shares had been expected to trade around 35 yuan, a Reuters poll of seven industry analysts forecasted.
PetroChina raised 66.8 billion yuan ($9 billion) in Shanghai by selling 4 billion A shares, or 2.18%of its expanded share capital, in the world's biggest IPO this year, and the largest-ever IPO in China's domestic market.
The offer drew 3.4 trillion yuan of subscriptions from retail and institutional investors, the largest amount for any Chinese IPO.