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 $25.03 billion deal in October 2014....

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