CHINA Mobile Ltd., the country’s largest wireless carrier by revenue, is set to raise US$8.78 billion from its Shanghai listing, making it the world’s second-largest offering this year.

The company, which was removed from the New York Stock Exchange earlier this year due to an investment ban ordered by former U.S. President Donald Trump, will exercise its over-allotment option for the offer due to strong demand from domestic investors, according a Shanghai bourse filing.

China Mobile is currently listed in Hong Kong.

That would enable China Mobile to raise a total of 56 billion yuan (US$8.79 billion) from the sale, making it the world’s second-largest offering this year after electric pickup truck maker Rivian Automotive Inc.’s US$13.7 billion IPO.

It would also become one of the 10 largest share offers for China’s domestic stock market in a decade.

Companies listing in Shanghai and Shenzhen have raised nearly a record US$80 billion this year, up about 17 percent from 2020.

The A-share offer has attracted a total of 19 strategic investors, mostly State-owned entities, including State Grid Corp. and China Life Insurance Co., as well as Brunei Investment Agency, the filing shows.

The strategic investors will pay 24.3 billion yuan for 49.9 percent of its planned A-share offer of 845.7 million shares ahead of exercise of the green shoe option. (SD-Agencies)