Postal Savings Bank of China delivers IPO

First class stamp for China; second class outcome for institutional investors from world's biggest IPO of the year.
A valuable package?
A valuable package?

Postal Savings Bank of China (PSBC) completed the world's largest flotation in two years on Wednesday, raising HK$57 62 billion ($7 43 billion) from a Hong Kong Stock Exchange listing that priced just off the bottom of its indicative range

The 12 106 billion primary share offering was fixed at HK$4 76 per share compared with a range of HK$4 68 to 5 18 times and represents a valuation of 1 03 times March 2016 syndicate consensus price to book and 0 96 times December 2016 forward price to book  

In nominal terms, PSBC's issue represents the world's largest IPO since Alibaba's $25...

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