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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 (NYSE:CHA) and China Unicom (NYSE:CHU), 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)
