Industrial Bank IPO raises US$2 billion
26 January 2007
Fujian's Industrial Bank attracted a record number of subscribers to raise more than US$2 billion from its initial public offering. The stocks were priced at US$2.06 each, at the top of the offering's indicated range. The offering drew a record US$148.7 billion in subscriptions from retail and institutional investors that applied for 100 times the stock on offer and surpassed the previous US$103.8 billion record set by China Life last month, Reuters reported. Industrial Bank will be China's eighth listed bank when its A-shares start trading on the Shanghai Stock Exchange next month. The Fujian provincial government is the largest shareholder, with 25.5%; Hang Seng Bank is the second-largest, with 16%.