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Guangzhou Rural Commercial Bank to raise up to HK$8.34B in Hong Kong IPO

Guangzhou Rural Commercial Bank Co. Ltd. plans to raise up to HK$8.34 billion in a Hong Kong IPO by selling 1,582,900,000 shares at an indicative price range of HK$4.99 to HK$5.27, according to a term sheet seen by S&P Global Market Intelligence.

A total of three cornerstone investors have committed to take up HK$3.34 billion, or 41% of the deal at a midpoint pricing assumption. The three cornerstone investors are HNA Aviation Group Co. Ltd. subsidiary Aerial Wonder Co. Ltd., Aeon Life Insurance Co. Ltd. and International Merchants Holdings.

Bookbuilding begins June 5 and runs through June 13. The company aims to have the shares debut on the Hong Kong bourse June 20, the term sheet shows.

China International Capital Corp. Hong Kong Securities Ltd., China Merchants Securities (HK) Co. Ltd., CCB International Capital Ltd. and ABCI Capital Ltd. are the joint sponsors of the IPO, the preliminary prospectus shows.

In May, the bank's IPO was pushed back due to investor concerns about its profitability and asset quality, according to an investment banker not involved in the deal.