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Chinese Postal Savings Bank launching $8.1 billion IPO

Staff Writer |
Postal Savings Bank of China plans to raise about $8.1 billion in an initial public offer.

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The bank plans to sell 12.1 billion shares at price range of HK$4.68 and HK$5.18 per share, raising between $7.3 and $8.1 billion. The company plans to list on the Hong Kong Stock Exchange.

Postal Savings Bank of China is one of the largest bank in China and operates over 40,000 branches in mainland China.

The IPO is slated to be priced on September 20, with debut on the exchange set for September 28.

According to Bloomberg, the IPO will place the bank at number 25 among the list of the world's biggest stock offerings.

Postal Savings Bank's Chairman Li Guohua said the bank will distribute 10 percent of its future net profits as dividends.

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