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CCB plans up to US$7.64b in IP0 - sources
(Reuters)
Updated: 2005-10-05 09:30

China Construction Bank, the country's third-largest lender, will offer its IPO at a value as high as US$7.64 billion, or 1.59 to 1.90 times forward book value, sources close to the deal said on Wednesday, making it the world's biggest IPO this year.

Beijing-based China Construction Bank (CCB), set an indicative IPO per share price range between HK$1.80 and HK$2.25, ahead of a management promotional tour due to kick off on Wednesday.

The valuation is at a discount to the country's number-five lender, Bank of Communications (BoCom), whose shares trade at about 2.2 times book.

Shanghai-based BoCom, the only Chinese bank with an overseas listing, raised US$2.16 billion by selling its shares at about 1.7 times book value, or 14.5 times forward earnings.

Shares of BoCom have risen 32 percent since their June listing.

CCB is offering 26.486 billion shares, or 12 percent of its enlarged share capital.

China International Capital Corp (CICC), Morgan Stanley and Credit Suisse First Boston are the joint book runners for the deal.

CICC and Morgan Stanley previously have tested the market with a forward price-to-book valuation range of 1.79 to 2.23 times.

CCB is set to price the deal on October 19 ahead of a listing on October 27.

The IPO, on track to be China's largest, is expected to generate ample demand from investors wanting to buy into the first of China's "Big Four" state-owned banks to go public.

CCB, which plans a dividend payout of 35 to 40 percent, has IPO commitments totaling $1.5 billion from strategic investors Bank of America Corp and Singapore's Temasek Holdings.

In June, CCB sold a 9 percent stake to Bank of America at about 1.15 times 2004 book value. Bank of America has the option to increase its stake in CCB to 19.9 percent.

Hong Kong tycoon Lee Shau Kee, who heads property firm Henderson Land Development Co. Ltd has also expressed an interest in investing in the offering.

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