HONG KONG (Reuters) – State-owned Postal Savings Bank of China (PSBC) on Tuesday launched its up to $8.1 billion initial public offering in Hong Kong, with the vast majority of the deal covered by cornerstone investors, IFR reported.

The lender, China’s largest by number of branches, is offering 12.1 billion new shares in an indicative range of HK$4.68 to HK$5.18 each, added Reuters publication IFR, citing a term sheet of the transaction.

A man pushes his bicycle past a branch of China Post's Postal Savings Bank of China in Wuhan, Hubei province May 4, 2012. REUTERS/Stringer/File Photo
A man pushes his bicycle past a branch of China Post’s Postal Savings Bank of China in Wuhan, Hubei province May 4, 2012. REUTERS/Stringer/File Photo

A group of six investors, including CSIC Investment One Limited, Shanghai International Port Group, Victory Global Group and the overseas investment arm of State Grid agreed to buy $5.86 billion worth of shares, the terms showed.

PSBC did not immediately reply to a Reuters request for comment on the IPO terms.

(Reporting by Fiona Lau; Writing by Elzio Barreto; Editing by Stephen Coates)

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