Bank of China IPO

Bank of China IPO withstood declining global markets and went ahead to raise an astronomical amount by selling shares. The cost of shares and information about over subscription have been scripted in the article below, which highlights the same. Set up in the year 1912, Bank of China, was founded by Sun Yat-sen, who is referred to as the “Father of Modern China”.
Bank of China monopolized the country’s overseas banking as well as foreign exchange reserves during the period 1949-1994. In order to bring about improvement in corporate governance, the Bank of China, occupying the second position in state owned lenders make shares available to public.

Recently, Bank of China IPO made furore in the financial markets of the nation. Beijing gave approval to the Bank of China to carry on with the IPO , which was evaluated at $9.7 billion. The Bank of China IPO, with Goldman Sachs(GS) as well as UBS as underwriters.

This has taken place at a time when most of the global stock markets are back sliding. In fact, experts say that the $9.7 billion figure could escalate to $11.15 billion in the event if the bank sells extra stocks, which had been kept aside should the demands rise.
In another instance, the CCB or China Construction Bank, sold off 13.5% market stake to raise approximately $9 billion.

Bank of China IPO is regarded as the biggest deal ever in the international arena after AT&T floated their wireless units in the year 2000. With regard to the total number of shares sold in the Bank of China IPO, the number of shares were approximately, 25.57 billion. Each share sold at 38US cents or at 2.95 Hong Kong dollars.

There was an over subscription of shares by 80 times as far as assignment of shares to the retail investors were concerned. In case of institutional investors, there was an over subscription by 20 times.

Lately, reports state that the Bank of China, did away with some of its NPL s or non performing loans. The bank has a 12% stake in the country’s loan market. In fact, the Bank of China, mentioned in its documents of share offer that the “bad loans” dropped from 5.5% to 4.9%.

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Last Updated on : 30th July 2013

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