Postal Savings Bank of China Raises More Than $7 Billion in IPO
21 Settembre 2016 - 5:50AM
Dow Jones News
Postal Savings Bank of China Co. on Wednesday raised more than
$7 billion as it priced its initial public offering, according to
people familiar with the situation, making it the world's largest
IPO this year and the biggest since Alibaba Group Holding Ltd.'s
$25 billion listing two years ago.
China's Postal Savings Bank, the country's sixth-largest lender
by assets, priced its Hong Kong IPO at 4.76 Hong Kong dollars per
share (61 U.S. cents), toward the lower end of an indicative range
of HK$4.68 to HK$5.18, the people said. That price is still a
premium to the valuation of its big Chinese state banking peers,
which all trade below book value. Postal Savings Bank's shares
priced above book value.
Shares are due to start trading on Hong Kong's stock exchange on
Sept. 28.
Postal Savings Bank takes deposits through a network of more
than 40,000 branches across China, from Lhasa to Beijing. It
operates China's biggest distribution network in the country's
banking industry with nearly double the number of branches run by
China's Agricultural Bank of China Ltd. The branches are mostly at
post offices owned by China Post Group, its controlling
shareholder, and extend deep into rural areas.
Postal Savings Bank said in its prospectus that it plans to use
proceeds from the IPO to strengthen its capital base to support the
growth of its business.
China International Capital Corp., Morgan Stanley, Bank of
America Merrill Lynch, Goldman Sachs Group Inc. and J.P. Morgan are
leading Postal Savings Bank's IPO. UBS Group AG is the financial
adviser on the deal.
Write to Alec Macfarlane at Alec.Macfarlane@wsj.com
(END) Dow Jones Newswires
September 20, 2016 23:35 ET (03:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Grafico Azioni Agricultural Bank of China (PK) (USOTC:ACGBY)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Agricultural Bank of China (PK) (USOTC:ACGBY)
Storico
Da Mag 2023 a Mag 2024
Notizie in Tempo Reale relative a Agricultural Bank of China (PK) (OTCMarkets): 0 articoli recenti
Più Agricultural Bank Of China (PC) Articoli Notizie