BEIJING, Sept 13: Bank of Beijing, China’s largest city bank, has attracted a record 1.9 trillion yuan ($253 billion) worth of subscriptions for an initial public offering (IPO), state media said on Thursday.
The bank will issue 1.2 billion A shares on the Shanghai stock exchange at 12.5 yuan each, the China Securities Journal reported, which is at the high end of the projected price range between 11.5 yuan and 12.5 yuan, the report said.
The share sale will help the bank raise 15 billion yuan to boost its capital adequacy ratio and capabilities of risk control and profits making.
The subscription outstripped a 1.6 trillion yuan A-share subscription recorded by China COSCO in June.
Fuelled by excess liquidity in the country, China’s stock market has boomed by 97 per cent this year after climbing 130 percent in 2006.—AFP
