Postal Savings Bank prices Asia’s largest IPO at HK$4.76 a share, brokers say

PUBLISHED : Wednesday, 21 September, 2016, 12:55pm
UPDATED : Wednesday, 21 September, 2016, 1:39pm

The Postal Savings Bank of China, which operates more than 40,000 bank branches in China, will offer its shares at HK$4.76 each in what could be Asia’s largest initial public offering this year, according to brokers familiar with the information.

Majority of PSBC’s investors are cornerstones, a concerning trend for IPOs, say experts

The offer price comes in at the lower end of a price range of between HK$4.68 and HK$5.18 each, said Louis Tse, director of VC Brokerage in Hong Kong.

“The IPO is fully subscribed for retail investors,” Tse said. “It is not a red hot deal, but still got sufficient subscription from the retail investors.”