Bank of Shanghai Launches Year's Largest A-Share IPO Today
Yicai Global
/SOURCE : Yicai
Bank of Shanghai Launches Year's Largest A-Share IPO Today

(Yicai Global) Nov. 2 -- Bank of Shanghai Co. [SHA:601229] is poised to list on the Shanghai Stock Exchange (SSE) in the largest A-share initial public offering this year to date.

Bank of Shanghai will issue up to 600,450,000 shares at CNY17.77 (USD2.6) each today, or 8.26 times its price-to-earnings ratio, it said. The bank is expected to raise CNY10,669,996,500 via the offering, overtaking Bank of Jiangsu as this year's largest A-share IPO.

All proceeds, excluding issue fees, will be used to supplement core tier one capital to improve its capital adequacy, the bank said.

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