Postal Savings Bank of China delivers IPO

First class stamp for China; second class outcome for institutional investors from world's biggest IPO of the year.

Postal Savings Bank of China delivers IPO
A valuable package?

Postal Savings Bank of China PSBC completed the world's largest flotation in two years on Wednesday, raising HK$57.62 billion $7.43 billion from a Hong Kong Stock Exchange listing that priced just off the bottom of its indicative range.

The 12.106 billion primary share offering was fixed at HK$4.76 per share compared with a range of HK$4.68 to 5.18 times and represents a valuation of 1.03 times March 2016 syndicate consensus price to...

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