Shares in China Everbright Bank, the last of the country’s major banks to sell shares in an initial public offering, jumped 17 per cent by the close of morning trade on their debut in Shanghai Wednesday.
The first-day performance was better than what many analysts had expected and would bode well for Everbright’s larger state-controlled peers, all of which have unveiled plans to raise tens of billions of dollars from capital markets in the coming months.
Everbright raised Rmb18.9bn ($2.8bn) in its Shanghai IPO last week and will raise another Rmb2.8bn if it exercises its full “greenshoe” over-allotment quota.
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