ICBC's dual IPO sets new record

October 31, 2006 | BY

clpstaff &clp articles

In the world's biggest initial public offering (IPO) to date, the dual listing of Industrial & Commercial Bank of China (ICBC), China's biggest bank by…

In the world's biggest initial public offering (IPO) to date, the dual listing of Industrial & Commercial Bank of China (ICBC), China's biggest bank by assets, raised US$19.1 billion. Marking the first simultaneous IPO of shares in Hong Kong and Shanghai, ICBC's shares began trading in both markets on October 27 2006.

ICBC priced its H-shares (trading in Hong Kong) at the top end of expectations, at HK$3.07 (US$0.39) per share, and its A-shares (trading in China) at Rmb3.12 (US$0.39) per share. On their debut, the shares increased by 14.66% and 5.13% respectively.

ICBC initially offered 35.4 billion H-shares and 13 billion A-shares for its dual listing on October 27 2006. However, due to strong investor demand, the over-allotment option was exercised and the number of shares on offer was increased to 14.95 billion A-shares and 40.7 billion H-shares.

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