Everbright Bank, a Chinese state lender that focuses on small businesses and consumers, is determined to buck a market trend of failed initial public offerings and list in Hong Kong before the end of this year, according to a senior executive.
After its own abortive attempt at a Hong Kong IPO last year, Everbright is taking no chances this time, putting pressure on its underwriters to line up guaranteed investors and cutting the amount that it hopes to raise, two other bankers involved in the deal told the Financial Times.
Everbright, which last year targeted a $6bn offering, has lowered its sights and will content itself with selling fewer shares, potentially bringing in just about $2bn. However, that would still rank as Hong Kong’s biggest IPO of what has been a difficult year so far.