China Merchants Bank launches IPO roadshow
5 September 2006
China Merchants Bank, which launched its pre-initial public offering roadshow Monday, is likely to price its 2.42 billion H-share offer at between US$1.05 and US$1.078 per share, the Standard of Hong Kong reported, citing a source close to the issuer. The Shanghai-listed lender - China's sixth largest - aims to raise around US$2.44 billion in the offering. The final price of the share sale will be determined on September 15, and public subscription opens next Wednesday. The price range is 12% above the low end of the indicative price of US$0.93 and 2% below the high end of US$1.09. Institutions will be offered 95% of the bank's H-share issue. The bank's yuan-denominated A-shares on the Shanghai Stock Exchange closed Monday at US$1.07, up 1.8%.
