Bank of Communications BoCom, China’s fifth-largest lender by assets, started bookbuilding for a HK$1.7 billion to HK$2.1 billion $233 million to $267 million initial public offering of its offshore securities brokerage and investment banking subsidiary BoCom International on Friday.
After anticipating a deal worth around $200 million during premarketing, the lender has ended up pitching a deal that could be over 50% larger. It could be worth just over $305 million if the 15% greenshoe option is exercised in full.
It is uncertain whether that will happen, but it does not seem likely at this point. That is because the lender has...
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