ABC's Shanghai IPO sizzles
By Samuel Shen and Aipeng Soo |
July 3, 2010, Saturday
|
Print Edition
Print Edition
THE Agricultural Bank of China's Shanghai initial public offering drew 30 billion yuan (US$4.43 billion) in bids from potential strategic investors on Thursday, its first day of book building, a source said yesterday, signaling healthy demand for the mega-sized IPO.
Orders from institutions, including China Life Insurance Co, had already exceeded the value of shares reserved for them, said a source with direct knowledge of the situation, speaking on condition of anonymity as the process was still ongoing.
The ABC is in the process of raising more than US$20 billion via a dual-listing in Shanghai and Hong Kong, which could end up becoming the world's largest-ever IPO.
The strong interest in Shanghai follows a similar showing in Hong Kong, where the ABC's offering was more than 10 times oversubscribed by institutional investors through Wednesday.
The upbeat data from the two markets means that the ABC, the last of China's big four banks to list, is on track to raise up to US$23 billion.
Orders from institutions, including China Life Insurance Co, had already exceeded the value of shares reserved for them, said a source with direct knowledge of the situation, speaking on condition of anonymity as the process was still ongoing.
The ABC is in the process of raising more than US$20 billion via a dual-listing in Shanghai and Hong Kong, which could end up becoming the world's largest-ever IPO.
The strong interest in Shanghai follows a similar showing in Hong Kong, where the ABC's offering was more than 10 times oversubscribed by institutional investors through Wednesday.
The upbeat data from the two markets means that the ABC, the last of China's big four banks to list, is on track to raise up to US$23 billion.
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