China Mobile Ltd. shares gained on their Shanghai debut on Wednesday after the company raised 48.7 billion yuan in China’s biggest public share offering in a decade.
Shares of China Mobile opened at 63 yuan which is 9.4% higher than the offer price of 57.58 yuan and was last trading 3.3% higher at 59.45 yuan, according to Reuters data.
The Hong Kong listed shares were up 3.8% in early trade. The company said in a filing Tuesday that it would press ahead with a plant to buy back up to 2.05 billion shares worth nearly $13 billion.
China Mobile world’s largest mobile network operator by total subscriber had sold 845.7 million shares at 57.58 yuan each in Shanghai.
The comapny said with the proceeds from the offering it plans to develop projects including premium 5G networks, infrastructure for cloud resources and intelligent ecosystems.
