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BoCom sets Shanghai IPO price at 7.90 yuan per share

(XFNA)
Updated: 2007-04-27 14:48

Hong Kong-listed Bank of Communications (BoCom) said it has set the price for its initial public offering (IPO) in Shanghai at 7.90 yuan (US$1.02) per share, the top end of its indicated range.

That translates to a price-to-earnings ratio of 31.28 times the company's diluted earnings for 2006, the lender told the Shanghai Stock Exchange.

The bank issued 3.19 billion A-shares in Shanghai, representing 6.51 percent of its enlarged share capital.

About 957.105 million A-shares were sold to strategic investors and 638 million shares were offered to institutional investors, while the remaining 1.59 billion shares were allocated for retail investors.

CITIC Securities, Galaxy Securities and Haitong Securities are the main underwriters for the mainland IPO.