The official announcement will take place tomorrow. But sources familiar with the matter, Agricultural Bank of China (AGBANK), China's third largest bank, on Tuesday set the prices of its dual IPO in Shanghai next July 15 and in Hong Kong Tuesday.
In Shanghai, the price stood at the top of its indicative range which started at 2.52 yuan. AGBANK and sell for 22.24 billion yuan-denominated shares at a price of 2.68 yuan coin, or 59.6 billion yuan (8.8 billion dollars).
In Hong Kong, AGBANK sold 25.4 billion shares, representing 8% of its enlarged capital, at a price of 3.20 Hong Kong dollars part, totaling U.S. $ 10.4 billion, reports Reuters.
Offer oversubscribed
According to reports from Reuters, the offer of AGBANK in Shanghai was 20 times oversubscribed by institutional investors.In Hong Kong, the institutional demand came from Asia to 4%, 30% U.S. 25% Europe you saving account payday loan. Individuals have however shown little enthusiasm in Shanghai, like Hong Kong.
In total, AGBANK rise $ 19.3 billion through its dual listing and even 22.2 billion dollars if the over-allotment option is exercised. It is widely expected in the financial sphere. This would become the largest ever in the world.Previously, the largest IPO was that of javait Industrial & Commercial Bank of China with 21.9 billion in 2006.
The IPO allotment option included, values AGBANK about 150 billion dollars (nearly 120 billion euros), making it the fourth largest bank in terms of global market capitalization behind ICBC, China Construction Bank and HSBC .
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