In the face of wild demand, the Chinese bank set its initial public offering price at the top end of the expected range on Friday, a deal that will bring it up to $22 billion, which would set a new world record for an IPO.
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Trading will begin next Friday in Hong Kong and Shanghai.At first glance, it looks like investors can expect big gains at the open. The IPO, even at the high end of the range, was priced at 2.23 times book value, making it relatively cheap when compared with ICBC’s smaller competitors.
Expect a big pop despite the high % of non-performing loans.
Posted: October 20th, 2006 under General.
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