China’s DRC Bank Raises $1.2 Billion in Hong Kong IPO
- Local lender priced shares at bottom of marketed range
- Dongguan firm is fifth-largest rural commercial bank in China
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Dongguan Rural Commercial Bank Co. raised HK$9.1 billion ($1.2 billion) in its Hong Kong initial public offering after pricing shares at the bottom of a marketed range, according to people familiar with the matter.
The lender sold shares at HK$7.92 apiece, said the people, who asked not to be identified as the information isn’t public. DRC Bank had marketed 1.15 billion shares for as much as HK$8.71. An external representative for DRC Bank declined to comment.