PetroChina shares triple in market debut
Shanghai, November 5, 2007
Shares in PetroChina, which raised $9 billion in the world's biggest initial public offer this year, nearly tripled in their market debut and far exceeded analysts' forecast, buoyed by the company's position in the world's second-biggest energy market.
Local-currency A shares in China's largest oil and gas producer opened at 48.60 yuan, compared with their initial public offer price of 16.70 yuan.
The shares had fallen back slightly to around 45 yuan nearly an hour after the start of trading. They had been expected to trade around 35 yuan, a poll of seven industry analysts showed.
The opening price gave PetroChina a total market value of $1.1 trillion, making it the world's largest listed company by market capitalization, more than double the second biggest, Exxon Mobil, at $488 billion.Reuters