Lender prices stock at top of the range after taking HK$423.7b in retail orders
Industrial and Commercial Bank of China, the nation's largest bank, raised a record-breaking US$19.1 billion in the first initial public offering by a mainland company sold simultaneously on the Hong Kong and Shanghai exchanges, market sources said.
The bank sold 35.49 billion H shares, or 10.8 per cent of its enlarged share capital, for HK$3.07 each, and 13 billion A shares in Shanghai for 3.12 yuan.
The Hong Kong sale attracted US$350 billion from institutional investors, or more than 50 times the shares available. Retail investors subscribed for 78 times more shares than were on offer, placing orders worth HK$423.7 billion.
The retail demand triggered an automatic increase in the size of the retail tranche to 10 per cent of the offering from the original 5 per cent.
It also unseated Bank of China, which attracted HK$286 billion in retail orders, from the No1 spot for most-popular IPO in Hong Kong.