Telus Corp. is looking to raise up to $1.5 billion in a share sale, the company said late Wednesday.

The Vancouver-based telecommunications giant is offering up 25,000,000 shares at a price of $52 per share, which would result in proceeds of approximately $1.3 billion. The share sale is being conducted on a bought deal basis with all five of Canada’s largest banks involved as bookrunners.

If the over-allotment is exercised, Telus could raise up to $1.5 billion.

“Telus is smart enough to realize when hit your near-time highs, this is a time to strike, because there’s a lot of money to be spent at the telcos,” said Paul Gardner, partner and portfolio manager at Avenue Investment Management, in a BNN Bloomberg television interview Thursday.

Telus said it intends to direct the proceeds toward general corporate purposes such as funding growth opportunities, capital expenditures and reducing debt.

The offering is subject to approval from the Toronto Stock Exchange and New York Stock Exchange, with closing expected to occur around Feb. 26.

A previously-announced two-for-one stock split will take effect for Telus shareholders on March 17.