The initial public offering (IPO) of Agricultural Bank of China, the country’s third-largest bank, looks set to become the biggest on record.
On July 6th and 7th the bank raised a reported $19.2 billion in a dual listing on the Shanghai and Hong Kong stock exchanges. If the bank takes up a further 15% allotment of shares, that would value the deal at a total of $22.1 billion, slightly more than the offering in another Chinese bank, ICBC, in 2006.
According to Dealogic, a provider of financial information, telecommunications was the investors’ choice in the 1990s, but during the past decade the biggest IPOs have been mostly in the financial sector, and mainly of Chinese banks.
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