Postal Savings Bank opens $8.1bn IPO to heavy Asian demand

Postal Savings Bank
By Jonathan Breen
15 Sep 2016

Postal Savings Bank of China and its potential HK$62.7bn ($8.1bn) IPO got off to a roaring start due to hedge fund demand. Oversubscribed on day one, it is on track to be the world’s largest IPO in two years. But an order book so far dominated by regional names is about to get a lot more global as management leaves Hong Kong for roadshows in the UK and US. Jonathan Breen reports.

Leads kicked off bookbuilding on Tuesday morning in Hong Kong and, although to some junior bookrunners the start seemed slow, the offering was covered within two hours, according to multiple sources close to deal.

“Momentum is pretty strong, the book is already well covered. Before we opened ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial