CITIC Bank Shanghai IPO priced at 5.8 yuan, HK IPO at HK$5.86
(XFN-Asia)Updated: 2007-04-23 16:18
China CITIC Bank Co Ltd confirmed that it has priced its initial public
offering (IPO) in Shanghai at 5.8 yuan (75 US cents) per share and its Hong Kong
IPO at HK$5.86 apiece, both at the top end of its indicated ranges.
The bank is to list 2.302 billion A-shares in Shanghai and 4.885 billion H-shares in Hong Kong simultaneously.
The Shanghai IPO price translates to a price-to-earnings ratio of 39.05 times projected net profit for 2007 based on Chinese accounting standards, assuming no overallotment option is exercised, the bank said in a statement to the Shanghai Stock Exchange.
The price of the shares sold in Hong Kong is the converted price for the A-shares.
The lender said 517.238 million A-shares were sold to 20 strategic investors, including Baosteel Group, Dongfeng Auto, the National Social Security Fund, Yangtze Power, the Industrial and Commercial Bank of China and China Southern Power Grid.
Another 633.052 million shares were sold to institutional investors and the remaining 1.1516 billion shares were sold online to retail buyers, the company said.
The company said it drew about 231.362 billion yuan in subscription applications for the Shanghai IPO from both institutional and retail investors.
China International Capital Corp was the main underwriter for the Shanghai share sale. Citigroup, HSBC, Lehman Brothers, CITIC Securities and CICC were the joint global coordinators.
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