Postal Savings Bank of China (PSBC) has invited banks to pitch for its planned Hong Kong IPO, which with an estimated value of up to $15 billion may be the world’s biggest listing this year, IFR reported, citing people familiar with the deal.
The move puts the initial public offering on track to take place in the second half of the year, said IFR, a Thomson Reuters publication. It added that banks have until Jan. 22 to submit their pitches to become sponsors of the listing.
A PSBC spokesman in Beijing declined to comment on the IPO plans when contacted by Reuters.
The bank, China’s largest by number of customers and branches, last month raised about $7 billion by selling a 17 percent stake to investors including UBS Group AG, JPMorgan, Alibaba’s Ant Financial unit, Tencent Holdings and Canada Pension Plan Investment Board (CPPIB).
The sale was the single biggest private fund-raising in China’s financial industry with investors attracted to the bank’s customer base of almost 500 million – larger than the population of the United States.