China’s Postal Savings Bank Seeks Up to $8.1 Billion in IPO
- Cornerstone buyers take up about three-quarters of share sale
- Biggest Chinese lender by outlets seeks premium valuation
Postal Savings Bank of China Seeks $8.1B IPO
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Postal Savings Bank of China Co. is seeking as much as $8.1 billion in a Hong Kong initial public offering, which could become the world’s biggest share sale this year.
The Beijing-based bank is offering 12.1 billion shares at HK$4.68 to HK$5.18 apiece, according to terms for the deal obtained by Bloomberg on Tuesday. Cornerstone investors, who commit to hold their shares for six months, agreed to buy about $5.9 billion of stock, accounting for 76 percent of the offering at the midpoint of the marketed range.