Key investors to cover 72% of China Postal Savings Bank's $8.1 billion IPO

State-owned Postal Savings Bank of China (PSBC), China's largest bank by number of branches, has launched an initial public offer of up to $8.1 billion, in one of the largest public offers in recent times.

He IPO launched on the Hong Kong Stock Exchange will be vastly covered by cornerstone investors, reports said.

A group of six cornerstone investors will be buying as much as $5.86 billion worth of stock on offer, or about 72 per cent of the IPO, underscoring Hong Kong investor's huge appetite for new offers.

Earlier, cornerstone investors had invested a record 77 per cent in the $810 million listing of China Development Bank Financial Leasing Co Ltd in July.

CICC, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs and JPMorgan are managing the deal, while UBS is acting as the sole financial advisor.

At a midpoint of HK$4.93 per share, cornerstone investors would be on the hook for about 9.2bn shares, worth $5.9bn.

The IPO is slated to be priced on 20 September, with the stock's debut on the Hong Kong stock exchange set for 28 September.