Thu, July 15, 2010
Business > Markets > Agricultural Bank of China launches IPO

ABC set to stage world's largest listing

2010-06-29 02:10:18 GMT2010-06-29 10:10:18 (Beijing Time)  Xinhua English

BEIJING, June 28 (Xinhua) -- Agricultural Bank of China (ABC) is set to raise up to 23.2 billion U.S. dollars in the world's largest listing, according to the price range the lender set for its shares.

ABC said late Monday in a statement filed with the Shanghai Stock Exchange that it had set the price range for the Shanghai portion of its initial public offering (IPO) at 2.52 to 2.68 yuan (0.37 to 0.39 dollars).

The lender last week priced shares in the Hong Kong part of its IPO at 2.88 to 3.48 HK dollars (0.37 to 0.45 U.S. dollars).

ABC said it would offer 22.23 billion A-shares in Shanghai and 25.41 billion H-shares in Hong Kong, excluding an over-allotment option, in the preliminary prospectus it submitted to the China Securities Regulatory Commission (CSRC).

The pricing of the shares means ABC, the last of China's "big four" state-owned banks to float shares, would be able to raise up to 23.2 billion U.S. dollars, set to beat a record 21.9 billion U.S. dollars raised by Industrial & Commercial Bank of China in 2006.

The CSRC earlier this month approved ABC's IPO application for dual listing in Shanghai and Hong Kong, which is scheduled at mid-July.

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