Enthusiasm for Bank of China shares ends in lottery
(28 June 2006 – China) Retails investors have flocked to support Bank of China’s mainland initial public offering.
Bank of China will list on the Shanghai Stock Exchange early next month.
Underwriters said the IPO was oversubscribed more than 50 times, with demand hitting 178.2 billion Bank of China ‘A’ shares compared with the 3.45 billion in available shares.
As a result, a lottery will be carried out to decide which retail investors obtain shares.
The bank had intended raising up to US$2.5 billion on the Shanghai Stock Exchange.
In April, Bank of China raised US$11.2 billion in an IPO in Hong Kong, the world’s largest for six years.
Underwriters said the IPO was oversubscribed more than 50 times, with demand hitting 178.2 billion Bank of China ‘A’ shares compared with the 3.45 billion in available shares.
As a result, a lottery will be carried out to decide which retail investors obtain shares.
The bank had intended raising up to US$2.5 billion on the Shanghai Stock Exchange.
In April, Bank of China raised US$11.2 billion in an IPO in Hong Kong, the world’s largest for six years.
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