Postal Savings Bank of China prices Hong Kong IPO near bottom, raises $7.4 bln

State-owned Postal Savings Bank of China (PSBC) has priced its Hong Kong initial public offering near the bottom of expectations, valuing the deal at HK$57.6 billion ($7.4 billion), IFR announced Wednesday.

PSBC priced the 12.1 billion new shares at HK$4.76 each, after marketing the IPO in an indicative range of HK$4.68 to HK$5.18 per share, the Thomson Reuters publication said, citing people close to the deal.

It is the world’s biggest IPO since e-commerce company Alibaba Group Holding went public in 2014 in a record $25 billion deal.

The bank said in the offering prospectus it plans to use the funds to bolster its balance sheet and fund future lending growth.

PSBC declined to comment on its IPO pricing.

Source: Reuters