Guangzhou Rural Bank set to open flat in HK debut after $1 bln IPO


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HONG KONG, June 20 (Reuters) - Shares in Guangzhou Rural
Commercial Bank Co Ltd (GRCB) were set to open flat in their
debut on Tuesday as mom and pop investors shied away from the
largest initial public offering (IPO) in Hong Kong so far in
2017.
    China's No.5 rural commercial bank by assets <1551.HK> was
indicated to open at HK$5.12, compared with the HK$5.10 IPO
price. The benchmark Hang Seng index <.HSI> was poised to open
0.4 percent higher.
    GRCB priced the $1 billion IPO slightly below the middle of
its marketing range of HK$4.99 to HK$5.27 per share.
    Demand from retail investors - who have a significant
influence over first-day trading in Hong Kong share offerings -
accounted for 0.45 times the number of shares on offer in the
deal, the lender said in a securities filing on Monday,
underscoring weak appetite for the deal. The institutional
tranche was "moderately" oversubscribed.

 (Reporting by Elzio Barreto; Editing by Richard Pullin)
 ((elzio.barreto@thomsonreuters.com;)(852)(2843-1608; Reuters
Messaging: elzio.barreto.thomsonreuters.com@reuters.net))

Keywords: GRCB LISTING/ (URGENT)



This article appears in: Politics , World Markets , Economy , US Markets , Stocks , IPOs
Referenced Symbols: 1551


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