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Postal Savings Bank of China completes Shanghai IPO

Postal Savings Bank of China Co. Ltd. has completed its A share offering, which is scheduled to commence trading on the Shanghai Stock Exchange on Dec. 10.

The bank will issue 5,172,164,200 A shares if the overallotment option is not exercised, or up to 5,947,988,200 shares if the option is exercised.

The bank had planned to raise up to 32.71 billion yuan in the proposed IPO, which was priced at 5.50 yuan apiece.

In a separate release, Postal Savings Bank of China said controlling shareholder China Post Group Corp. is looking to increase its stake in the bank by as much as 2.5 billion yuan during a 12-month period from Dec. 10.

As of Dec. 9, China Post Group held 55,847,933,782 A shares of Postal Savings Bank of China, representing 64.79% of the total issued ordinary shares of the bank.

As of Dec. 6, US$1 was equivalent to 7.04 yuan.