Postal Bank IPO to be the world's biggest

State-owned lender Postal Savings Bank of China raised about HK$ 58 billion ($7.4 billion) in its initial public listing offering and is set to go public in Hong Kong on Sept 28 - making it the world's biggest IPO since Alibaba Group went public raising $25 billion in September 2014.

PSBC plans to price its sale of 12.1 billion shares at HK$4.76 per share, below the midpoint of a marketed range from HK$ 4.68 to HK$5.18 a share, according to a report in The Wall Street Journal.

Clarence Kwok, chief investment consultant at Bluestone Securities, said that PSBC had priced itself near the bottom of analyst expectations, reflecting the market's low response to purchase the H shares, and said the bank's oversubscription rate might be less than 1.6 times.