Bank of Chongqing on the road for $593m IPO
Following a week of premarketing, Bank of Chongqing started receiving bids for its HK$4.6bn ($593m) IPO on October 23. It is now poised to become the first Chinese lender to list in Hong Kong ever since Chongqing Rural Commercial Bank’s HK$12.2bn deal in December 2010.
The Chinese provincial bank is offering potential investors 707.5m shares at an indicative price range of HK$5.60-HK$6.50. That translates to an estimated 2013 P/B ratio of 0.88-0.99, which is a slight premium to Chongqing Rural Commercial Bank’s 2013 P/B ratio of 0.8.
One banker away from the deal
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