BoCom IPO shares US$0.32 each

Bank of Communications has priced 5.86bn shares at US$0.32 each in its Hong Kong IPO, state media reported, according to Goldman Sachs, one of its underwriters. BoCom already has raised US$1.88bn in advance subscriptions. The pricing was at the high end of expectations, near the top of an indicated price range of HK$1.95-2.55, or 1.6 times its estimated book value at the end of this year. Trading is expected to begin Thursday and BoCom's showing will set the scene for future IPOs by other major mainland lenders. BoCom is China's fifth-largest lender and the first mainland bank to list on an overseas market.