China’s AgBank Raises $19.23 Billion in IPO

The Associated Press reports on news surrounding the ’s initial public offering:

The Agricultural Bank of China’s initial public offering has raised more than $19 billion in what could turn out to be the largest ever.

The last of China’s big four state-owned banks to go public, AgBank is selling 25.41 billion shares in Hong Kong and 22.24 billion shares in Shanghai. Based on Tuesday’s pricing, the rural lender would raise about $19.23 billion, according to a person familiar with the deal.

The person requested anonymity because details of the IPO have not yet been released.

If underwriters buy up about $2.89 billion more shares to sell to investors, the dual-listing deal could raise $22.12 billion – the most funds ever for an IPO. Industrial and Commercial Bank of China raised $21.9 billion in its October 2006 IPO.

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