PetroChina sets IPO price range

PetroChina has set an indicative price range of RMB15-16.70 (US$2-2.23) for its Shanghai initial public offering scheduled for November 5, the Wall Street Journal reported. If the maximum number of shares are sold at the top end of the price range, PetroChina could US$8.9 billion, passing China Shenhua Energy's US$8.65 billion October 9 listing as the mainland's largest. PetroChina will sell many as 2.8 billion shares, or 70% of the offering, to individual investors, with the remainder earmarked for institutional investors. China International Capital Corp, Citic Securities and UBS Securities are the lead underwriters of the sale.