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HONG KONG, June 5 (Reuters) - Guangzhou Rural Commercial Bank Co Ltd (GRCB) launched a Hong Kong initial public offering worth up to $1.1 billion on Monday, IFR reported, citing a term sheet of the transaction sent to investors.
The IPO, which will raise funds to expand its lending and investment business, consists of 1.58 billion shares offered in an indicative range of HK$4.99-HK$5.27 each, added IFR, a Thomson Reuters publication. That would value the offering at as much as HK$8.34 billion ($1.1 billion).
GRCB did not immediately reply to a Reuters request for comment on the IPO launch.
$1 = 7.7900 Hong Kong dollars Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Edwina Gibbs