Bank boosted by Hong Kong IPO

HONG KONG - Chongqing Rural Commercial Bank Co raised HK$11.5 billion ($1.48 billion) by selling stock in a Hong Kong IPO, according to two people with knowledge of the transaction.

The lender in Chongqing sold 2.19 billion shares at HK$5.25 apiece after offering them at HK$4.50 to HK$6.00 each, said the people. Morgan Stanley and Nomura Holdings Inc managed the sale.

Chongqing Bank braved a 7 percent slump in the benchmark Hang Seng Index from the Nov 8 peak that has forced companies, including Bluestar Adisseo Nutrition Group, to delay public offerings.