China CITIC Bank narrows price range of Hong Kong/China dual IPO - source |
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Thu, 12 Apr 2007 08:17
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HONG KONG (XFN-ASIA) - China CITIC Bank Co Ltd has narrowed the indicative price range for its dual initial public offering (IPO) in Hong Kong and Shanghai, and reduced the size of the offering, according to a market source.The bank will offer 4.885 bln H-shares at an indicative price range of 5.06-5.86 hkd each, adjusted from the original range of 4.72-6.17 hkd, the source said.The indicative price range for its 2.3019 bln A-share offer in Shanghai will also be adjusted to 5.0-5.8 hkd from 4.66-6.1 hkd, the source added.The bank, which plans simultaneous listings in Hong Kong and Shanghai on April 27, is seeking to raise up to 28.6 bln hkd in the Hong Kong IPO and 13.35 bln hkd from its Shanghai IPO, for a total of about 42 bln hkd, according to the source.The bank's earlier price range would have enabled it to raise up to 44 bln hkd.Retail subscription to the Hong Kong IPO will open next Monday.China International Capital Corp, CITIC Securities Co, Citigroup, HSBC and Lehman Brothers are the joint global coordinators.(1 usd = 7.8 hkd)roby.lau@xfn.comrl/kmq
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China CITIC Bank seeks to raise up to 30 bln hkd from Hong Kong IPO - source 