Guangzhou Rural Bank set to open flat in HK debut after $1 bln IPO

Guangzhou Rural Commercial Bank

20/06/2017 02:20

HONG KONG, June 20 (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  1551.HK  was 
indicated to open at HK$5.12, compared with the HK$5.10 IPO 
price. The benchmark Hang Seng index  .HSI  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) 
 ((elzio.barreto@thomsonreuters.com;)(852)(2843-1608; Reuters 
Messaging: elzio.barreto.thomsonreuters.com@reuters.net)) 
 
Keywords: GRCB LISTING/