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

Agricultural Bank of China sets A-share IPO price at 2.68 yuan

2010-07-07 15:16:56 GMT2010-07-07 23:16:56 (Beijing Time)  Xinhua English

BEIJING, July 7 (Xinhua) -- Agricultural Bank of China (ABC), the last of the country's largest four banks to go public, announced Wednesday that it has set its A-share initial public offering (IPO) price at 2.68 yuan per share, hitting the high end of its IPO price range.

The pricing of the shares means the bank could raise up to 10.12 billion U.S. dollars via the Shanghai portion of the IPO, as a greenshoe option has been exercised to expand the deal by 15 percent to 25.57 billion shares, ABC said in a statement filed with the Shanghai Stock Exchange.

ABC plans a dual listing in Shanghai and Hong Kong in mid-July to replenish its capital base after a lending spree last year.

It has yet to set the final IPO price for its Hong Kong portion, where it plans to sell 25.41 billion shares, excluding an over-allotment option.

ABC set the price range for the Hong Kong portion at 2.88 to 3.48 HK dollars in late June.

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