Postal Savings Bank debuts on Shanghai bourse

Postal Savings Bank of China Co Ltd, the country's largest bank by the number of outlets, launched an initial public offering on the A-share market on Dec 10.

The bank raised at least 28.45 billion yuan and could ultimately bring in 32.71 billion yuan if it chooses to exercise a green shoe option of selling 15 percent more shares within 30 days of the start of trade. Its IPO is the largest debut on the A-share market in the past decade.

The bank's shares opened 1.82 percent higher and closed 2 percent higher at 5.61 yuan on the Shanghai Stock Exchange.