Yibin City Commercial Bank (HKG:2596) launched its initial public offering in Hong Kong, seeking to raise as much as HK$1.87 billion.
The bank is offering 688,400,000 shares at HK$2.59 to HK$2.72 apiece, according to a Monday filing with Hong Kong bourse.
The issuer expects to determine its offer price on Jan. 9 and disclose the allocations on Jan. 10. It will start trading on the Hong Kong bourse on Jan. 13.
Proceeds from the deal will be used to enhance the company's capital adequacy, invest in high-quality liquid assets, and deposit funds in short-term interest-bearing accounts at licensed commercial banks.
CCB International, ICBC, BOCI, CITIC Securities, ZTSC, and several others are the joint bookrunners of the IPO.
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