Business News
Agricultural Bank of China on track for record IPO
Jul 7, 2010, 2:38 GMT
Beijing - The Agriculture Bank of China is on track to attract a record 22.1 billion dollars after pricing its initial public offering in Shanghai and Hong Kong, reports said on Wednesday.
The Beijing-based bank said it had priced 25.4 billion shares to be listed in Hong Kong at 3.20 Hong Kong dollars each, and 22.24 million Shanghai-listed shares at 2.68 yuan each, the top of its indicated price range.
Those prices would net the bank a total of 19.2 billion dollars. A 'Greenshoe' option to issue up to 15 per cent additional shares to underwriters would raise an additional 2.9 billion dollars, taking the offering past the world-record 21.9 billion dollars raised by the Industrial and Commercial Bank of China in October 2006.
The Agricultural Bank of China plans to start trading its new shares on July 15 in Shanghai and July 16 in Hong Kong.
Analysts said plans for the bank's listing in Shanghai were one of the factors behind a recent slump in Chinese stock markets as investors feared the new shares would draw investors away from other stocks. Author: Bill Smith
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