Chinese lending firm China Everbright Bank Co had a successful third attempt at an initial public offering (IPO) in Hong Kong. The bank secured 2.6 billion in Hong Kong's biggest IPO in 2013, according to The Wall Street Journal.
Everbright Bank is the 11th-largest bank by assets in China. On Friday, the bank pegged the price of its 5.08 billion shares at HK$3.98 apiece. The Shanghai-listed bank said in its IPO filing that the proceeds of the sale would be used to meet the country's stricter regulatory capital requirements, said the report.
Demand for the bank's IPO was not immediately available. However, 19 cornerstone investors had already bought 67% of the IPO even before the share sale had started. These investors include Canada's Sun Life Financial Inc and American insurer Prudential Financial Inc, the report explained.
In recent weeks, Everbright bank is the third bank in China to launch and IPO. The transaction's sponsors include China International Capital Corp Ltd, China Everbright Securities Co, Morgan Stanley, UBS AG, BOC International Holdings Ltd, and BNP Paribas, wrote The Wall Street Journal.
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