China Everbright Bank Co, the Shanghai bourse listed firm, has filed an application for a Hong Kong share IPO sale with a volume worth US$2 billion. The application was reported in the IFR, who cited anonymous sources familiar with the planned listing.
In 2011, the bank had planned to be listed on the Hong Kong bourse but shelved its plans. The current plan is to complete the listing by July of 2012, depending on the current market conditions. This was reported by IFR, a Thomson Reuters publication.
The joint global coordinators of the sale were China Everbright Capital, China International Capital Corp (CICC), UBS and Morgan Stanley while the joint bookrunners are Shenyin Wangguo Securities, JP Morgan, HSBC, BOC International and BNP Paribas.
According to the bank, the proceeds of the IPO sale would be used to 'bolster its core capital, raise the bank's capital adequacy ration and strengthen its ability to weaterh risks.'
Initially, the bank had planned to offer nearly US$6 billion in share sales but scaled the plan back to US$1.7 billion, as it cited sluggish market activity as well as the low pegged values for banking shares.
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