bank-of-china-prices-worlds-sixth-largest-ipo-close-to-top

Bank of China prices world's sixth largest IPO close to top

Investors ignore tumbling equity markets and Chinese signals of more lending curbs and pile into offering, citing favourable valuations.

Having just pulled off the world's sixth largest IPO ever, Bank of China decided to give investors an extra five cents of potential upside by pricing its offer at HK$2.95 per share. That was just off the top end of the HK$2.50 to HK$3 price range, and led to a total deal size of $9.73 billion.

According to sources the below top-end pricing wasn't necessary since the book was well covered with very limited price sensitivity, but the gesture was believed to have been make in recognition of the sharp correction in global markets over the past week.

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