CITIC Bank set for biggest IPO
(China Daily)Updated: 2007-04-10 11:03
China CITIC Bank Corp may raise as much as $5.7 billion in
the world's biggest initial public offering (IPO) so far this year, according to
Reuters, citing people familiar with the matter.
CITIC Bank will offer shares between 2.48 and 2.81 times their 2007 book value, the sources said, valuing the Beijing-based bank on a par with its bigger rivals.
The issuer will sell 2.3 billion shares, or 6 percent of its enlarged share capital, at 4.66 yuan to 6.1 yuan apiece on the Shanghai bourse, while offering 4.89 billion shares, or 12.8 percent of the total, between HK$4.72 and HK$6.17 each on the Hong Kong stock exchange, the sources said.
The deal will be closed on April 19, with the trading debut set for April 27.
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