China Everbright Bank will sell shares worth $6 billion in a Hong Kong IPO, The Wall Street Journal reports. The offering, which was previously expected to raise around $7 billion, comprises 10.5 billion shares and a further overallotment option of 1.5 billion shares.
The Chinese lender intends to use the proceeds to boost core capital base, capital capability, risk management, profitability and for the growth of its business. China International Capital, Morgan Stanley, UBS, JP Morgan Chase and BNP Paribas are some of the managers appointed for the sale.
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