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Everbright Bank unveils US$2.8 billion IPO
By Zhang Fengming |
August 9, 2010, Monday
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Online Edition
Online Edition
CHINA Everbright Bank Co can raise up to 18.9 billion yuan (US$2.8 billion) in the second largest initial public offering this year in China.
The bank will sell as many as 6.1 billion shares in Shanghai before exercising an over-allotment option at 2.85 yuan to 3.10 yuan apiece, the Beijing-based bank said in a statement to the Shanghai Stock Exchange today.
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 is offered to retail investors, with the remaining to corporate investors.
Retail investors can subscribe shares tomorrow. The bank will post its issue price on Thursday. In most cases, companies set their issue prices at the top of the offering price ranges.
The bank is selling 15.4 percent of its enlarged capital in the offering before over-allotment. The bank can expand the sale to as many as 7 billion shares, or 21.7 billion yuan, after exercising the over-allotment option.
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.
Everbright Bank will face a big shortage of capital in the next three years if not for the IPO, the bank said in a draft prospectus.
The IPO came against a low investor sentiment and a flood of capital raising plans by banks. The benchmark Shanghai Composite Index lost 22 percent this year as the worst performing market among the world's 10 major markets.
The bank will sell as many as 6.1 billion shares in Shanghai before exercising an over-allotment option at 2.85 yuan to 3.10 yuan apiece, the Beijing-based bank said in a statement to the Shanghai Stock Exchange today.
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 is offered to retail investors, with the remaining to corporate investors.
Retail investors can subscribe shares tomorrow. The bank will post its issue price on Thursday. In most cases, companies set their issue prices at the top of the offering price ranges.
The bank is selling 15.4 percent of its enlarged capital in the offering before over-allotment. The bank can expand the sale to as many as 7 billion shares, or 21.7 billion yuan, after exercising the over-allotment option.
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.
Everbright Bank will face a big shortage of capital in the next three years if not for the IPO, the bank said in a draft prospectus.
The IPO came against a low investor sentiment and a flood of capital raising plans by banks. The benchmark Shanghai Composite Index lost 22 percent this year as the worst performing market among the world's 10 major markets.
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