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.
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.