CNOOC to raise estimated $5.1bn in IPO

China’s biggest offshore oil driller, CNOOC, will let investors subscribe to its up to RMB 32.3 billion ($5.1 billion) Tuesday IPO in Shanghai, reports the South China Morning Post. The state-owned firm will sell 2.6 billion shares, 5.5% of its total share capital, at RMB 10.8 each and hopes to raise between RMB 28.1 billion and RMB 32.3 billion.

CNOOC is among Chinese companies whose American depository receipts were delisted from exchanges in the United States for alleged links with the Chinese military following an executive order by former US President Donald Trump. It was delisted from the New York Stock Exchange in November last year.

It joins the ranks of China Mobile, which debuted in Shanghai on January 5 this year after raising $8.8 billion in China’s biggest IPO in a decade and the world’s second largest IPO in 2021. China Mobile competitor China Telecom also raised $7.3 billion in its listing in China’s financial capital in August last year.