BOC locks up another $16 billion
23 June 2006
Bank of China has secured $16.2 billion in its Shanghai A-share listing which opens for public subscription today. The IPO is the largest since the mainland markets reopened Monday, Hong Kong's The Standard reported. There are 3.9 million applications for the mainland shares. About 20% of the total shares on offer have been allocated to 14 strategic investors, with China Life alone taking 2.24 billion. Market watchers believe the price could be 20-30% above the IPO price of US$0.38 when trading starts July 5. The bank's Hong Kong shares surged on news of strong interest for its Shanghai IPO. The bank's H-shares have gone up 15.25% since trading started on June 1.