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Everbright Bank to absorb US$2.8 billion through IPO
By Zhang Fengming |
August 12, 2010, Thursday
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Online Edition
Online Edition
CHINA Everbright Bank Co will raise up to 18.9 billion yuan (US$2.8 billion) in the second largest initial public offering this year in China.
The Beijing-based bank finalized its offer price at 3.10 yuan, at the top of its price range of 2.85 yuan to 3.10 yuan apiece, the bank said in a statement to the Shanghai Stock Exchange today.
The bank will sell as many as 6.1 billion shares in Shanghai before exercising an over-allotment option. The bank can expand the sale to as many as 7 billion shares, or 21.7 billion yuan, after the over-allotment.
"The bank's shares are reasonably priced and its potential for fast growth can push up its prices further," said Citic Securities Co in a research report today.
The bank's total assets is expected to double by 2013 with more than 100 new outlets to be opened, outstripping the industry average on growth, the report said.
Everbright Bank, China's 11th biggest lender by assets, will allocate as many as 3 billion shares, or 49.2 percent of the offering, to strategic investors. Another 25.4 percent will be offered to retail investors, with the remaining to corporate investors.
The IPO could be the second largest in China this year, following the 59.6-billion-yuan IPO of Agricultural Bank of China, the biggest bank in China in terms of network, in July.
The Beijing-based bank finalized its offer price at 3.10 yuan, at the top of its price range of 2.85 yuan to 3.10 yuan apiece, the bank said in a statement to the Shanghai Stock Exchange today.
The bank will sell as many as 6.1 billion shares in Shanghai before exercising an over-allotment option. The bank can expand the sale to as many as 7 billion shares, or 21.7 billion yuan, after the over-allotment.
"The bank's shares are reasonably priced and its potential for fast growth can push up its prices further," said Citic Securities Co in a research report today.
The bank's total assets is expected to double by 2013 with more than 100 new outlets to be opened, outstripping the industry average on growth, the report said.
Everbright Bank, China's 11th biggest lender by assets, will allocate as many as 3 billion shares, or 49.2 percent of the offering, to strategic investors. Another 25.4 percent will be offered to retail investors, with the remaining to corporate investors.
The IPO could be the second largest in China this year, following the 59.6-billion-yuan IPO of Agricultural Bank of China, the biggest bank in China in terms of network, in July.
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