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Construction Bank raises 8 b dollars in IPO
www.chinanews.cn 2005-10-21 09:45:54
(Source: Agencies)
HONG KONG, Oct. 21 - China Construction Bank (CCB), the mainland's third
largest lender, has raised 8.0 billion US dollars in its initial public
offering (IPO) in Hong Kong after pricing the shares near the top end of
its range, AFP reported.
The share sale, the world's largest so far this year, has been priced at
2.35 Hong Kong dollars a year (30 US cents) toward the high end of the
indicative price range of 1.90-2.40 dollars.
CCB, which concluded the subscription offering period for the retail
tranche Wednesday, will begin trading on the Hong Kong stock exchange on
October 27.
The retail tranche offering was 40-50 times oversubscribed, although this
was slightly below the market's expectation for 60-80 times, market
sources said Thursday.
Given the oversubscription, the number of shares offered to the public
has been raised to 7.5 percent from 5.0 percent of the total number of
shares on offer, the source said.
Of the total global offering of 26.49 billion shares, 25.16 billion have
been allotted to institutions, with the remaining 1.32 billion earmarked
for retail investors.
Credit Suisse First Boston Corp, China International Capital Corp and
Morgan Stanley are the listing sponsors.
CCB will be the first of China's big four state-owned banks -- which
includes Bank of China, the Agricultural Bank of China and the Industrial
and Commercial Bank of China -- to list shares overseas.
In December 2003, the CCB and Bank of China received 22.5 billion dollars
each to tidy up their balance sheets from Beijing.
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