PetroChina's debut on the Shanghai exchange looks set to be the biggest IPO event of the year as the Chinese oil giant is poised to raise a record-breaking RMB66.8 billion from its listing.

The oil giant has set the price range of its IPO at RMB15 to RMB16.7 per share. The low price has caused a great deal of enthusiasm among investors, who dumped other stocks in order to subscribe to PetroChina’s listing. It could be the largest ever domestic share sale in China.

The oil giant has been given approval by the country’s securities authority to issue up to four billion A shares on the Shanghai Stock Exchange.

The company said that it will use RMB14.27 billion to increase production across oil fields in China. It is also planning to invest RMB17.5 billion in a refinery upgrade and RMB6 billion in expanding its ethylene production operations.