Bank of Tian­jin to price $949m IPO near bot­tom end

The Pak Banker - - FRONT PAGE -

Bank of Tian­jin Co., a com­mer­cial len­der based in the north­ern Chi­nese port city, and its own­ers raised $949 mil­lion af­ter pric­ing a Hong Kong ini­tial pub­lic of­fer­ing near the bot­tom end of a mar­keted range, ac­cord­ing to peo­ple with knowl­edge of the mat­ter. The bank and some ex­ist­ing in­vestors sold a com­bined 995.5 mil­lion shares at HK$7.39 apiece, the peo­ple said, ask­ing not to be iden­ti­fied as the in­for­ma­tion is pri­vate. The shares were of­fered at HK$7.37 to HK$9.58 each, ac­cord­ing to the len­der's prospec­tus.

Bank of Tian­jin is the first com­pany to price a Hong Kong IPO of more than $300 mil­lion this year, as the Hang Seng China En­ter­prises In­dex re­bounds from a roughly seven-year low hit last month. The of­fer­ing will add to the $861 mil­lion raised from first­time share sales in the city this year, the slow­est start since 2011, data shows.

A Hong Kong-based ex­ter­nal spokes­woman for Bank of Tian­jin de­clined to com­ment. The three Chi­nese lenders that listed in Hong Kong last year are all trad­ing above their IPO prices, with Bank of Jinzhou Co. ris­ing 27 per­cent since its De­cem­ber list­ing. China Zhe­shang Bank Co., a com­mer­cial len­der in east­ern China, is sched­uled to price its $1.75 bil­lion first-time share sale on March 21.

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