China Everbright's IPO expected to net $2.8b
By Li Tao and Emma Dai in Hong Kong | China Daily | Updated: 2013-12-10 07:34
China Everbright Bank Co, the lending arm of the State-controlled China Everbright Group, hopes to raise as much as $2.8 billion through an initial public offering in Hong Kong to build a bigger coffer as the lender's bad loans continue to rise and regulators are set to lift capital requirements for banks.
Everbright is offering 5.08 billion new shares at HK$3.83 to HK$4.27 apiece to raise up to HK$21.7 billion ($2.8 billion) in the IPO this week, the bank announced in Hong Kong on Monday.
The new IPO is likely to eclipse that of China Cinda Asset Management Co, which raised $2.5 billion on the Hong Kong exchange last week, which was the Hong Kong's biggest IPO in 2013.
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