Postal Savings Bank of China prices Hong Kong IPO near bottom, raises HK$57.6b

[HONG KONG] State-owned Postal Savings Bank of China (PSBC) priced its Hong Kong initial public offering near the bottom of expectations, valuing the deal at HK$57.6 billion (S$10.1 billion), IFR reported on Wednesday.

PSBC priced the 12.1 billion new shares at HK$4.76 each, after marketing the IPO in an indicative range of HK$4.68 to HK$5.18 per share, the Thomson Reuters publication said, citing people close to the deal.

It is the world's biggest IPO since e-commerce company Alibaba Group Holding Ltd went public in 2014 in a record US$25 billion deal.

The bank said in the offering prospectus it plans to use the funds to bolster its balance sheet and fund future lending growth.

PSBC declined to comment on its IPO pricing.

REUTERS