PetroChina becomes world's biggest listed company
Monday, 05 November 2007, 20:30 IST
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Shanghai: China's oil and gas producer PetroChina Company was Monday listed as the world's largest company after it almost tripled the value of its shares at the country's largest stock market in Shanghai. Shares of the company on its first day of trade opened at 48.6 yuan ($6.5) up 191 percent from their initial public offering (IPO) price of 16.7 yuan ($2.2). The price made PetroChina the world's largest listed company by market capitalisation. Exxon Mobil is now relegated to second position. PetroChina is also listed on the Hong Kong and the US stock markets. "Returning to the mainland's capital market has been our long-cherished wish," said Jiang Jiemin, president of PetroChina's parent company China National Petroleum Corporation (CNPC). "The mainland offering will give domestic investors opportunities to share the outcome of PetroChina's fast growth and help expand the company's business in the mainland." PetroChina raised 66.8 billion yuan ($8.9 billion) in Shanghai by selling four billion A-shares, or 2.18 percent of its expanded share capital, earlier this year in the world's biggest IPO so far.
Source: IANS
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