HONG KONG (Reuters) - Shares in Guangzhou Rural Commercial Bank 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 Hong Kong so far in 2017.
China's No.5 rural commercial bank 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.
GRCB 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 Hong Kong share offerings - accounted for 0.45 times the number of shares 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)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app