PetroChina raised US$8.92 billion in its Shanghai IPO, the largest ever on the mainland, the Wall Street Journal reported. The firm issued 4 billion new A-shares at RMB16.70 (US$2.23) each, the top of the indicative price range. The equity comprised 2.18% of the firm's enlarged share capital. Its shares are expected to start trading on November 5. PetroChina's H-shares rose 3.2% to HK$19.62 (US$2.53). The company, China's largest oil and gas producer by capacity, said it would spend more than half the money raised to increase crude-oil output, refining capacity and ethylene production capacity. The previous A-share IPO record was held by another energy company, coal producer China Shenhua, which raised US$8.91 billion in September.