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Minsheng seeks US$4b from IPO in HK
Source: Xinhua |
November 14, 2009, Saturday
|
Print Edition
Print Edition
CHINA Minsheng Banking Corp, the mainland's leading non-state-owned bank, launched an initial public offering on the Hong Kong stock market yesterday to raise around HK$30 billion (US$3.9 billion).
The bank was offering 3.32 billion new shares at HK$8.5 to HK$9.5 per share, or 15 percent of its enlarged share capital, to raise HK$28.2 billion to HK$31.6 billion, making it the largest IPO in Hong Kong this year.
The offering is open to retail subscription from yesterday till noon next Wednesday, with the minimum required investment being about HK$4,800. There is a greenshoe to increase the issue by an additional 15 percent, or 498 million shares. Trading of the bank's Hong Kong-listed shares were expected to start on November 26.
Some investors queued outside broker offices yesterday to get subscription forms.
Local brokers had expected the offering to be well received, and media reports said banks and brokers had put aside up to HK$126 billion for retail investors to borrow for subscription by margin.
Market sources said the institutional tranche has been about three times over subscribed since the launch of book building on Monday.
The price-to-book ratio of its Hong Kong-listed shares will be slightly below 2, about level with other Chinese mainland banks, analysts said.
New shares were mixed on their debut in Hong Kong recently, largely depending on the industry and the competitiveness of individual firms.
The bank was offering 3.32 billion new shares at HK$8.5 to HK$9.5 per share, or 15 percent of its enlarged share capital, to raise HK$28.2 billion to HK$31.6 billion, making it the largest IPO in Hong Kong this year.
The offering is open to retail subscription from yesterday till noon next Wednesday, with the minimum required investment being about HK$4,800. There is a greenshoe to increase the issue by an additional 15 percent, or 498 million shares. Trading of the bank's Hong Kong-listed shares were expected to start on November 26.
Some investors queued outside broker offices yesterday to get subscription forms.
Local brokers had expected the offering to be well received, and media reports said banks and brokers had put aside up to HK$126 billion for retail investors to borrow for subscription by margin.
Market sources said the institutional tranche has been about three times over subscribed since the launch of book building on Monday.
The price-to-book ratio of its Hong Kong-listed shares will be slightly below 2, about level with other Chinese mainland banks, analysts said.
New shares were mixed on their debut in Hong Kong recently, largely depending on the industry and the competitiveness of individual firms.
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