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Guangzhou Rural Bank set to open flat in HK debut after $1 billion IPO

Reuters  |  HONG KONG 

(Reuters) - in Guangzhou Rural Commercial Co Ltd (GRCB) were set to open flat in their debut on Tuesday as mom and pop investors shied away from the largest initial public offering (IPO) in so far in 2017.

China's No.5 rural commercial by assets was indicated to open at HK$5.12, compared with the HK$5.10 IPO price. The benchmark Hang Seng index was poised to open 0.4 percent higher.

priced the $1 billion IPO slightly below the middle of its marketing range of HK$4.99 to HK$5.27 per share.

Demand from retail investors - who have a significant influence over first-day trading in share offerings - accounted for 0.45 times the number of on offer in the deal, the lender said in a securities filing on Monday, underscoring weak appetite for the deal. The institutional tranche was "moderately" oversubscribed.

(Reporting by Elzio Barreto; Editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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