|
HONG KONG (AP) - Bank of China Ltd., the nation's No. 2 lender, priced its initial public offering in Hong Kong near the top of the expected range as investors brushed off recent volatility in Asian markets and flocked to buy the IPO — the world's largest in six years.
The IPO Wednesday raised $9.7 billion for the bank, which promises to be a key player in China's booming economy that's due for explosive growth in credit cards, auto loans and home mortgages.
One of the newest institutional investors was Saudi Prince Alwaleed's company, which said Wednesday it offered to buy a $2 billion stake in the bank. The offer covers a 2.7 percent stake in the IPO, which starts trading June 1, according to a statement from Prince Alwaleed's Al Azizia Commercial Investment Co.
|