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China Merchants Bank in 2nd biggest IPO

China Merchants Bank in 2nd biggest IPO

(China) - China Merchants Bank has launched its 10.95 billion yuan (US$1.3 billion) IPO to domestic institutional investors, in China's second largest listing. The Shenzhen based bank capped pricing for its A shares, available domestically only at a valuation of 21.47 times 2001 earnings.

The IPO is expected to complete relatively easily, as the Bank is one of China's most profitable players, reporting a 2001 net profit jump to 1.38 billion yuan.

Seventy percent of the IPO is being sold to institutional investors, with the remaining 30 percent open to retail investors.
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