China Telecom: Record issue in Shanghai

Only a few months after losing its listing in New York, China Telecom is planning the world’s largest fresh issue of the year in Shanghai. The company is China’s largest fixed-line carrier and is targeting proceeds of more than 47 billion yuan at a price of 4.53 yuan per share, the equivalent of just under 70 U.S. cents. If a possible over-allotment option is chosen, the IPO could raise more than 54 billion yuan, just over 8.3 billion U.S. dollars.