Industrial Bank IPO +55% on First Dayposted by MR WAVETHEORY at 2/05/2007 02:03:00 AM
Shares in the Industrial Bank, China's tenth largest commercial bank, opened at 24.8 yuan (3.10 U.S. dollars) on their Monday debut on the Shanghai Stock Exchange.
The opening price was 55.19 percent higher than its initial public offering (IPO) price of 15.98 yuan, but below market expectations of 30 yuan.
Given the recent weakness in China, I'd say it was a good performance. However, there is no telling how long it will trade at that level. I wrote about Industrial Bank a few days ago and it looks like it has lived up to expectations of bringing in a nice pop. The P/E is quite high for a bank.