Jan. 15, 2007 (China Knowledge) – Industrial Bank on Monday announced its IPO subscription dates.

According to a prospectus filed to the Shanghai Stock Exchange (SSE), institutional investors can begin to subscribe between Jan. 22 and 23, while retailers can do so from Jan. 23. Although the prospectus did not state how much it aims to raise from its Shanghai listing, previous reports said that the Fujian-based bank is targeting RMB 10 billion. 

Based on the previous statement that Industrial Bank intends to issue 1.33 million A-shares on the SSE, about 400 million, or 30%, of shares have been allocated to institutional investors, and another 400 million shares to strategic investors. The remaining 40% of shares will be offered to retail investors.

Industrial Bank, in which Hang Seng Bank holds a 16% stake, is set to become the Mainland's eighth listed bank. Its biggest shareholder is the Fujian provincial government, which owns 25.5%. The Singapore government and the World Bank's International Finance Corp own a 5% and 4% stake respectively.

Industrial Bank had assets of RMB 532 billion in June last year. Profits for the first six months of 2006 was RMB 1.7 billion, more than half of the RMB 2.5 billion for the fiscal 2005. Revenue in 2005 rose 43% to RMB 9.3 billion due to higher investment returns.

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