BoComm blowout

IPO of Bank of Communications surprises everyone on the upside.

China's Bank of Communications BoComm is set to become the first Chinese bank to list overseas after a remarkable response to its IPO that has confounded almost everybody. The Mainland's fifth largest bank by assets raised HK$14.65 billion $1.88 billion this Saturday June 18 after pricing its H-share IPO at HK$2.50 per share.

Under the lead of joint bookrunners Goldman Sachs and HSBC, the bank was able to price a 5.856 billion share deal pre shoe a fraction off the very top of a HK$1.95 to HK$2.55 indicative range.

At $54 billion, the order book is the second largest on record...

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