China Bohai Bank raises highest IPO since 2020 | FI SENSE


China Bohai Bank 9668.HK garners $1.78 billion in Hong Kong Initial Public Offering. The company pegged a share at HK$4.80 and has been the most subscribed to since 2020 according to undisclosed sources.

The bank based in the northeastern port city of Tianjin and backed by Standard Chartered Bank had initial planned to sell 2.88 billion shares at HK$4.75 to HK$4.98 each, as stated in its prospectus.

“The demand was there with the book more than well covered,” one of the people said. “We priced based on investor discussions and also to support a strong opening.”‘

Cornerstone investors had the opportunity to buy into the IPO ahead of the institutional bookbuild subscribed 30% of the total deal. However,  the largest investors yet were Yichang Health Pharmaceutical which subscribed $200 million worth of stock, followed by other four funds which took a $50 million share apiece.

Bohai Bank’s fundraising is similar to that of Smoore International 6969.HK, an e-cigarette and vaping device manufacturer, which last week raised $918 million.



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