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

Agricultural Bank of China sets H-share IPO price at 3.2 HKD

2010-07-09 01:32:40 GMT2010-07-09 09:32:40 (Beijing Time)  Xinhua English

HONG KONG, July 9 (Xinhua) -- Agricultural Bank of China (ABC), the last of the country's largest four banks to go public, announced here Friday it has set its H-share initial public offering (IPO) price at 3.2 HK dollars (42 U.S. cents) per share, which was in the middle level of its IPO price range.

"The offer price for the global offering has been determined at 3.2 HK dollars per H share, exclusive of brokerage of 1 percent, transaction levy of 0.004 percent and Hong Kong Stock Exchange trading fee of 0.005 percent," ABC said in a statement filed to the Hong Kong stock exchange.

Earlier, ABC had set its IPO price range in Hong Kong between 2. 88 HK dollars and 3.48 HK dollars.

The pricing of the shares means the Beijing-based bank could raise up to 81.32 billion HK dollars (10.44 billion U.S. dollars) via the Hong Kong portion of the IPO.

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

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