AgBank IPO: Agricultural Bank Of China $23 Billion IPO

by NowPublic Staff | July 7, 2010 at 09:50 am

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AgBank China (ABC) Founded By Mao Zedong in 1995 Announces World's Biggest IPO

The Agricultural Bank of China (ABC) is hoping to raise $23 Billion in what is shaping up to be the world's largest IPO - Initial Public Offering.

So far two of Asia's wealthiest men are on board for the AgBank IPO.

Asia's third and fourth richest individuals have signed up as cornerstone investors, a report said.
Cheung Kong (Holdings) (0001.HK) chairman Li Ka-shing and chairman of Henderson Land (0012.HK) Lee Shau Kee will each subscribe to HK$1 billion ($128.3 million) of AgBank shares, Infocast News reported on Monday.

AgBank is China's 3rd largest bank with $1.3 trillion in assets, 320 million retail customers, 2.7 million corporate clients, 24,000 branches employing over 300,000 people.

AgBank IPO will issue shares on the Hong Kong and Shanghai markets.

ABC is selling 25.41 billion shares in Hong Kong and 22.24 billion shares in Shanghai.
It priced its shares to be issued in Shanghai at the upper limit of its price range, at 2.68 yuan ($0.39) per share, the bank said in a notice late Wednesday to the Shanghai Stock Exchange. With that pricing, the rural lender will raise about $19.23 billion.

Details of pricing for the Hong Kong segment of the IPO have not yet been issued.