CNOOC Kicks Off Subscription for $5.1 Billion Shanghai IPO

What’s new: China’s state oil giant CNOOC Ltd. kicked off subscription Tuesday for its initial public offering in Shanghai, aiming to raise as much as 32.3 billion yuan ($5.1 billion).

The company will sell 2.6 billion shares, representing 5.5% of its equity, at 10.8 yuan ($1.70) apiece to raise 28.1 billion yuan. Underwriters will also be able to allocate an additional 15% of shares at the same offering price for 30 days after the date of listing if the green-shoe option is exercised, pushing total fundraising to 32.3 billion yuan.