On September 21, Postal Savings Bank of China successfully raised $7.4bn in what is the world’s largest IPO since Alibaba’s $25.0bn offering in September 2014, and with a record-breaking 26 bookrunners on the transaction.
As a trusted financial platform partner, Dealogic helped the global coordinators and the bookrunners seamlessly execute the transaction through the DealManager network.
Transaction Details
Issuer: Postal Savings Bank of China
Nationality: China
Exchange: Hong Kong
Industry: Finance
Deal value ($m): 7,429
Deal type: IPO
Bookrunners: China International Capital Corp, UBS, Bank of America Merrill Lynch, JPMorgan, Morgan Stanley, Goldman Sachs, DBS, China Merchants Securities, HSBC, Citi, Bank of Communications, China Construction Bank Corp – CCB, Industrial & Commercial Bank of China – ICBC, Bank of China, Haitong Securities, Agricultural Bank of China, China Merchants Bank, China First Capital Group, Everbright Securities, Essence Securities, China Galaxy Financial Holdings, China Securities, Nomura, Deutsche Bank, CITIC Securities, Huarong Securities
Key Points
- World’s largest IPO since Alibaba Group Holdings raised $25.0bn in September 2014
- World’s largest ECM transaction this year, surpassing SoftBank Group Corp’s $6.6bn convertible completed in June
- Largest new listing on the Hong Kong stock exchange in 6 years, when AIA Group raised $20.5bn in Oct 2010
- ECM deal with the most bookrunners on record (26), ahead of the $2.5bn China Huarong Asset Management IPO in October 2015, which saw 22 bookrunners on the transaction
- Global IPO volume of $75.3bn remains at a 7-year low ($39.6bn in 2009 YTD), with Chinese issuers accounting for 34.4% of deal volume, followed by the US (15.6%), and Japan (6.9%)
Top 3 global IPOs in 2016 YTD
- Postal Savings Bank of China, $7.4bn | China | Sep 2016
- Dong Energy, $3.0bn | Denmark | Jun 2016
- China Zheshang Bank, $1.9bn | China | Mar 2016
Top 3 ECM deals by number of bookrunners
- Postal Savings Bank of China, $7.4bn IPO | China | 26 bookrunners | Sep 2016
- China Huarong Asset Management, $2.5bn IPO| China | 22 bookrunners | Oct 2015
- China Galaxy Securities, $1.1bn IPO | China | 21 bookrunners | May 2013
Watch our video insight about the IPO here, where our ECM specialist in Hong Kong discusses the shift from price discovery to cornerstone investors.