Bank of China raises IPO to world's fourth largest
(AFP)
Updated: 2006-06-07 16:38 HONG KONG - Bank of China said
its initial public offer (IPO) in Hong Kong has been increased by exercising an
over-allotment option in full, making it the world's fourth-largest IPO.
Bank of China tower in Hong Kong.
[AFP] | The bank said the over-allotment option was
exercised in full by IPO sponsors BOCI Asia Ltd, Goldman Sachs and UBS AG.
In a statement, the lender said it issued 3.84 billion additional shares at
2.95 Hong Kong dollars each (38 US cents), generating 1.45 billion US dollars to
bring the total funds raised from the IPO to 11.2 billion dollars.
The additional shares are equal to 15 percent of the 25.57 billion shares
initially offered in the IPO, China's largest-ever listing and the biggest in
the world in six years.
The retail tranche of BOC's IPO was 70 times subscribed while the
international offering was 'significantly over-subscribed'.
BOC's shares jumped 15 percent on its trading debut in Hong Kong last
Thursday and have since gained an additional five percent.
The bank said Tuesday it had applied to issue 2.5 billion dollars worth of
shares on the Shanghai stockmarket but the exact timing of the domestic listing
has yet to be confirmed.
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