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China Railway Group said the share sale was massively oversubscribed - attracting 3.38 trillion yuan of bids to buy shares, a new Chinese record.
Interest was strong despite a cooling of China's main stock market, which has lost about 20% in the past month.
Many analysts believe that shares in China are overvalued.
China Railway Group's shares are due to begin trading on 3 December.
There are also plans for a stock market listing in Hong Kong.
Bids for China Railway Group trumped the 3.378 trillion yuan bid for oil group PetroChina.
PetroChina raised 66.8bn yuan - a record for a mainland China exchange.
(BBC)
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