China CITIC Bank IPO to close institutional portion of IPO tomorrow - sources |
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Published
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Tue, 17 Apr 2007 11:51
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HONG KONG (XFN-ASIA) - Institutional subscription for the 5.4 bln usd initial public offering of China CITIC Bank will close tomorrow, a day ahead of schedule, due to robust demand, people familiar with the situation said.The institutional portion of the IPO has been 30 times covered, while the retail offering has been 200 times subscribed so far, the sources said.Retail subscription for the IPO is scheduled to close on Thursday.'The subscription will be closed tomorrow for the institutional portion, but not for the retail subscription. I believe this is because the IPO already attracted very strong demand from institutions. They (arrangers) are already confident about the subscription levels,' a source said.China CITIC Bank is targeting a simultaneous listing in Shanghai and Hong Kong on April 27.The bank had reportedly narrowed the indicative price range for its dual offering, with the 4.885 bln H share issue priced at an indicative range of 5.06-5.86 hkd, down from the original range of 4.72-6.17 hkd.The indicative price range for its 2.3019 bln A-share offer in Shanghai has also been adjusted to 5.0-5.8 hkd from 4.66-6.1 hkd.China International Capital Corp, CITIC Securities Co, Citigroup, HSBC and Lehman Brothers are the joint global coordinators for the issue.(1 usd = 7.8 hkd)leonora.walet@xfn.comlw/rc
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China CITIC Bank sets Shanghai IPO price range at 5.0-5.8 yuan per share 