Shares of the Chinese telecom giant were up 1.8% on Wednesday after it pulled off mainland China’s biggest listing in 10 years, according to Dealogic.
China Mobile’s shares were trading at 58.64 yuan ($9.23) apiece in Shanghai as of 2:34 p.m. local time. The company’s stock in Hong Kong, where it also trades, jumped 4.3%, too.
The massive debut makes for one of the world’s biggest equity offerings in recent months — and a splashy homecoming for China Mobile.
Since then, China Telecom, the country’s second largest telecom firm, has also listed in Shanghai. Its $7.4 billion raise last year was one of mainland China’s biggest on record, too, according to Dealogic.
Meanwhile, China Unicom already trades in Shanghai and Hong Kong, while both China Mobile and China Telecom are listed in Hong Kong.
In August, the firm said that it would use its new funds to shore up its 5G capabilities, as well as cloud infrastructure and smart home projects.
It disclosed plans to use roughly half the money it planned to raise in Shanghai on wireless technology, and build at least 500,000 5G base stations by 2022.