(Reuters) – China Mobile, the world’s largest mobile network operator by number of subscribers, said it plans to raise as much as 56 billion yuan ($8.8 billion) in a Shanghai public offering.
The company plans to sell up to 845 million shares at 57.58 yuan apiece, raising as much as 48.7 billion yuan before an over-allotment option is exercised, it said in a prospectus.
After the over-allotment option is fully exercised, it will raise up to 56 billion yuan.
Hong Kong-listed China Mobile is selling shares in Shanghai after being forced off the New York Stock Exchange by U.S. investment restrictions.
It follows China listings of state-owned rivals China Telecom and China Unicom, which were also kicked off the U.S. bourse.
The delistings stem from a Trump-era decision to restrict investment in Chinese technology firms, which has been left unchanged by the Biden administration amid continuing tensions between Washington and Beijing.
($1 = 7.7670 Hong Kong dollars)
($1 = 6.3756 yuan)
(Reporting by Shanghai Newsroom. Editing by Gerry Doyle)