China's Postal Savings Bank files for HK IPO, world's biggest since Alibaba

People walk past a sign outside a branch of Postal Savings Bank of China (PSBC) in Beijing, China, on Nov 12, 2015.
People walk past a sign outside a branch of Postal Savings Bank of China (PSBC) in Beijing, China, on Nov 12, 2015.PHOTO: REUTERS

HONG KONG (REUTERS) - State-owned Postal Savings Bank of China (PSBC), the country's largest bank by number of branches, has filed for a Hong Kong IPO seeking to raise up to US$10 billion (S$13.5 billion), IFR reported on Thursday.

The filing of the preliminary initial public offering (IPO) prospectus sets in motion what is set to be the world's biggest new listing in about two years and would value the bank at about US$50 billion, the report said.

The listing could happen as early as September, IFR, a Thomson Reuters publication IFR, said, citing sources close to the deal.

The IPO is targeting to raise between US$7 billion and US$10 billion, the report said. A spokesman for PSBC, declined an immediate comment on the filing.

If the IPO hits its target, it would be the biggest market debut since Chinese e-commerce giant Alibaba Group Holding's record US$25-billion listing in September 2014.