Bank of Zhengzhou Co. Ltd. said its planned IPO on the Shenzhen stock exchange was oversubscribed 406.3x by retail investors.
The company is issuing up to 600 million shares at a price of 4.59 Chinese yuan per share, totaling 2.75 billion yuan, and expects to disclose allotment results Sept. 11.
Retail investors have been allocated 90% of the offer, while institutional investors will subscribe for the rest.
The Chinese lender announced plans to list in China in July 2016 to replenish the bank's capital, after raising US$656 million through an IPO in Hong Kong in 2015.
As of Sept. 10, US$1 was equivalent to 6.86 Chinese yuan.