Bank of China pre-markets IPO

The bank is expected to conclude its IPO at a price to book valuation of 1.5 to 1.8 times.

Formal pre-marketing begins today Monday for the bank's sole listing in Hong Kong, with 1.5 times price to book said to be the absolute line in the sand below which the bank is not prepared to drop.

Of the three joint global co-ordinators - Bank of China International BOCI, Goldman Sachs and UBS Warburg, observers report Goldman has assigned the bank a fair value of 1.5 to 1.8 times book based on research published this...

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