HONG KONG, Sept 8 (IFR) - Postal Savings Bank of China has
set a target of HK$57bn-$63bn (US$7.3bn-$8.1bn) from its Hong
Kong IPO after lining up five cornerstone investors to buy most
of the shares, according to sources close to the plans.
The Chinese lender is looking to sell about 12.2bn H-shares
at an indicative price range of HK$4.68-$5.18, the sources said.
The range represents a 2016 P/B of 0.94-1.02, according to one
of the sources.
PSBC is planning to sell about 75% of the float to five
cornerstone investors, said two of the sources. The biggest of
those, China State Shipbuilding, will invest US$2.5bn, Shanghai
International Port Group will take US$2bn and the HNA group
Bookbuilding will start on September 13 and pricing will be
on September 20. Listing is scheduled for September 28.
The listing of PSBC, China's biggest lender by branches, is
set to be the world's largest since Chinese e-commerce giant
Alibaba Group went public through a US$25bn IPO in 2014.
Proceeds will be used to replenish its capital.
Bank of America Merrill Lynch, CICC, Goldman Sachs, JP
Morgan and Morgan Stanley are joint sponsors on the IPO. UBS is
the sole financial adviser.
(Reporting by Fiona Lau; Editing by Steve Garton)