HONG KONG: China Bohai Bank has raised $1.78 billion after pricing its shares at HK$4.80 as it carried out the largest initial public offering in Hong Kong so far in 2020, two sources with direct knowledge of the matter said.

The bank had flagged it would sell 2.88 billion shares at HK$4.75 to HK$4.98 each, according to its prospectus.

The sources declined to be identified as the pricing had not been made public.

Bohai Bank declined to comment. Cornerstone investors who bought into the IPO ahead of the institutional bookbuild accounted for about 30% of the total deal. The largest of those investors was Yichang Health Pharmaceutical which bought $200 million worth of stock, followed by four funds which took a $50 million share each.