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SHANGHAI, China (AP) -- China Construction Bank Corp.'s initial public offering for shares to be traded in Shanghai drew a record 2.26 trillion yuan (US$300 billion; euro216 billion) in subscriptions, almost 40 times the amount the bank is trying to raise, reports said Tuesday. The IPO by China's biggest property lender is expected to raise up to 58 billion yuan (US$7.7 billion; euro5.6 billion), likely setting a record for a share listing on a domestic bourse. Demand for the 9 billion shares the bank is offering at 6.15 yuan to 6.45 yuan (US$0.82-US$0.86; euro0.59-euro0.62) was strong amid abundant funds and positive earnings expectations for the bank, said the China Securities Journal and other reports. The previous record for subscriptions for a domestic IPO was the 1.89 trillion yuan (US$251 billion; euro181 billion) in interest drawn by the mid-sized city lender Bank of Beijing. That was 125 times more than the 15 billion yuan (US$2 billion; euro1.4 billion) it raised in its Shanghai IPO earlier this month. Massive demand for shares, especially from retail investors, has helped push Shanghai's benchmark Composite Index up by more than 100 percent since the beginning of the year.
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