- Postal Savings Bank of China (PSBC) is hoping to raise up to 32.71 billion yuan ($4.67 billion) through an initial public offering in Shanghai.
- The deal, pending the go-ahead from regulators, would be the largest IPO in China since 2015, according to Dealogic data.
- PSBC has the largest network of branches in China.
Postal Savings Bank of China (PSBC), which has the largest network of branches in the country, is hoping to raise up to 32.71 billion yuan ($4.67 billion) through an initial public offering (IPO) in Shanghai in the largest mainland IPO in four years, stock exchange filings showed on Wednesday.
The Beijing-based lender is selling up to 5.95 billion A shares at 5.5 yuan a share, the filings with the Hong Kong and Shanghai stock exchanges said.
The deal, pending the go-ahead from regulators, would be the largest IPO in China since 2015, Dealogic data showed.
The deal also marks the sixth H-share and A-share dual listing of China's leading state-owned lenders, under a year-long push to globalize large mainland lenders.
Set up in 2007, PSBC built its business on a massive client base in China's rural areas thanks to its parent state-owned China Post Group, which operates postal services.
By end-June, PSBC had a total 39,700 branches, 48% of which are located in rural counties and villages. It had some 9.17 trillion yuan savings on book by the end of September, accounting for 96% of the bank's total liabilities.
PSBC's bad loan ratio was 0.83% by the end of the third quarter, far below the industry-wide level of 1.81%, as the lender didn't start its corporate lending business until 2009.
China International Capital Corporation (CICC), Postal Securities, CITIC Securities and UBS are co-sponsors of the float.