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China Everbright Bank Plans $2.9B IPO

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money8 July 23, 2010 (Chinavestor) China Everbright Bank plans to take advantage of investor appetitie for Chinese banking issues following Agricultural Bank of China's (SHA:601288) massive $19.23 billion initial public offering earlier by rolling out a $2.9 billion IPO of its own in August. The sale is reportedly widely anticipated and was delayed by the AgBank (SHA:601288) IPO.

China Everbright's IPO will be China's second-largest in 2010. China Everbright, a mid-sized lender, also plans to launch an IPO in Hong Kong after it completes the A-share IPO in Shanghai, but the exact timing depends on market conditions, according to the Wall Street Journal.

Chinese regulators are expected to review the China Everbright IPO next week. The bank didn't say how much it expects to raise from the offering or the exact date on which the offering will take place. The bank had a capital-adequacy ratio of 10.39% at the end of last year and said that its profits were slightly higher in 2009 than they were in 2008.

China Everbright had previously planned a 2008 IPO, but that offering was canceled due to the global financial crisis. It planned to resurrect its IPO earlier this year, but pressure from the regulators prompted it to postpone it again to make way for AgBank's (SHA:601288) huge share float, the Journal reported.

 



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