China to see biggest mainland listing since 2015 stock rout

Bloomberg
Bloomberg11/8/2019 06:30 AM GMT+08  • 2 min read
China to see biggest mainland listing since 2015 stock rout
(Nov 11): Postal Savings Bank of China is poised for the country’s biggest IPO since 2015. The Beijing-based lender, which is already listed in Hong Kong, plans to raise RMB28.4 billion ($5.5 billion) in what would be the world’s third-largest listing
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(Nov 11): Postal Savings Bank of China is poised for the country’s biggest IPO since 2015. The Beijing-based lender, which is already listed in Hong Kong, plans to raise RMB28.4 billion ($5.5 billion) in what would be the world’s third-largest listing this year behind Uber Technologies’ US$8.1 billion share sale in May and Budweiser Brewing Co’s US$5.8 billion IPO in Hong Kong in September.

One of China’s largest state-owned lenders, Postal Bank plans to issue 5.17 billion A-shares at RMB5.5 per share, according to its Shanghai stock exchange filing on Nov 6, which confirmed an earlier Bloomberg report.

If the bank fully exercises an over-allotment option of up to 776 million shares, the fundraising size may reach as much as RMB32.7 billion, surpassing Guotai Junan Securities Co’s RMB30 billion offering in 2015. In doing so it would become the largest A-share listing since Agricultural Bank of China’s RMB68.5 billion offering in 2010, according to data compiled by Bloomberg.

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