China Cellular workouts greenshoe choice amid excessive demand for Shanghai providing
China Mobile Ltd. exercised the greenshoe option in its blockbuster offering in Shanghai and issued an additional 126.9 million shares due to high investor demand.
The additional shares, which will be issued at the previously announced offer price of 57.58 yuan each, will bring the Shanghai telecommunications company’s listing proceeds to a total of CNY 56.00 billion.
China Mobile 941, + 1.93% said on Friday that online orders to sell stocks were oversubscribed more than 1000 times and all over-allotment shares were issued to online investors.
The Chinese telecom giant’s domestic listing comes amid mounting uncertainties for its overseas stocks after the New York Stock Exchange moved to delist its stocks earlier this year to comply with an investment ban imposed by former President Donald Trump.