Bank of Chongqing raises $548m from IPO

The Chinese lender sets the price just below the mid-point at HK$6 per share after the mostly China-based cornerstones and anchor investors were joined by decent demand from international institutions.
Bank of Chongqing offered its shares at a price between HK$5.60 and HK$6.50, which translated into a 2013 P/B multiple of 0.88 to 0.99 times.
Bank of Chongqing offered its shares at a price between HK$5.60 and HK$6.50, which translated into a 2013 P/B multiple of 0.88 to 0.99 times.

Bank of Chongqing has raised HK$4.24 billion $548 million from the first initial public offering by a Chinese bank in Hong Kong in almost three years, after fixing the price just below the mid-point of the range at HK$6 per share.

The deal did rely quite heavily on the demand from corporates, high-net-worth individuals and the odd institutional investor out of China that was lined up before launch and the majority of the total order amount is believed to have come from these types of accounts.

However, sources said there was also decent interest from Asia-based institutional investors, mostly long-only accounts and hedge funds specialising...

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