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China Everbright Bank up 18.06% in Shanghai debut
Source :China Knowledge update : 2010-08-19
China Everbright Bank Co<601818>, the banking unit of state-owned China Everbright Group, debuted on the Shanghai Stock Exchange yesterday, with its shares jumping 18.06% on its first day of trading.
Shares of the company opened 8.7% higher than the IPO price of HK$3.10. After fluctuating between RMB 3.35 and RMB 3.72, the shares closed at RMB 3.66, with trading value totaling RMB 7.34 billion.
Reportedly, the bank raised RMB 18.9 billion by issuing 6.1 billion A shares. If it exercises the overallotment option, the final offering size is expected to hit as much as RMB 21.7 billion.
The initial public offering becomes the second largest one so far this year, only next to Agricultural Bank of China<601288><1288>, which raised a combined US$19.23 billion from a dual IPO in Shanghai and Hong Kong last month.
The bank said its shares were 27.6 times oversubscribed from retail investors and 1.6 times oversubscribed from institutional investors.
On Monday, China Everbright Bank announced that its net profit for the first half of this year nearly doubled to RMB 6.83 billion due to an increase of net interest margin.
Shares of the company opened 8.7% higher than the IPO price of HK$3.10. After fluctuating between RMB 3.35 and RMB 3.72, the shares closed at RMB 3.66, with trading value totaling RMB 7.34 billion.
Reportedly, the bank raised RMB 18.9 billion by issuing 6.1 billion A shares. If it exercises the overallotment option, the final offering size is expected to hit as much as RMB 21.7 billion.
The initial public offering becomes the second largest one so far this year, only next to Agricultural Bank of China<601288><1288>, which raised a combined US$19.23 billion from a dual IPO in Shanghai and Hong Kong last month.
The bank said its shares were 27.6 times oversubscribed from retail investors and 1.6 times oversubscribed from institutional investors.
On Monday, China Everbright Bank announced that its net profit for the first half of this year nearly doubled to RMB 6.83 billion due to an increase of net interest margin.