Bank of Qingdao prices $607m HK IPO

Proceeds from the IPO will help the Shandong-based lender catch up with other city commercial banks in terms of capital adequacy.

Regional Chinese lender Bank of Qingdao raised HK$4.65 billion $607 million from an initial public offering in Hong Kong on Thursday to help bolster its sub-par capital adequacy ratios.

The bank, which is based in the northeastern coastal province of Shandong and is backed by Italy's Intesa Sanpaolo, sold 900 million shares. A group of 18 shareholders raised a further $61 million through a concurrent sale of 90 million shares, according to the bank’s IPO prospectus. 

Final pricing was fixed at the bottom end of Bank of Qingdao's HK$4.75 to HK$5.21 indicative price range, which came as little surprise after...

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