VENTURE CAPITAL POST

Chinese lender China Everbright Bank Co. raised $3 billion in its Hong Kong listing after exercising an option to sell an additional 762 million shares on top of its IPO base size of 5.08 billion shares.

Chinese lender China Everbright Co raised $2.6 billion in its third attempt at a Hong Kong initial public offering (IPO) of 5.08 billion shares priced at HK$3.98 apiece.

China Everbright Bank Co Ltd's USD2.8 billion float on Tuesday follows the steps taken by peers Huishang Bank Corp Ltd (3698.HK) and Bank of Chongqing to prepare a financial buffer against bad loans in the near future, said a Reuters report.

China Everbright Bank Co is set to raise USD 1.5 billion in its initial public offering in Hong Kong, based on calculations done on the lender's sale document.

The Wall Street Journal said it was highly unusual for a bank or an entity to withdraw from its role as an underwriter for an initial public offering or any similar deal, much less weeks before the deal is scheduled to begin.

The China Securities Regulatory Commission approved the application of China Everbright Bank Co to hold a share sale overseas and raise USD 2 billion.