ICBC prices shares at upper limit in world's largest IPO

China's largest lender priced its shares at the upper limit of the range on Friday, raising 19.1 billion U.S. dollars in the world's largest initial public offering (IPO).

The Industrial and Commercial Bank of China (ICBC) priced its H shares on the Hong Kong Stock Exchange at 3.07 HK dollars per share, the top of a 2.56-3.07 range, and its A shares on the Shanghai Stock Exchange at 3.12 yuan per share, the top of a 2.6-3.12 range.

With 13 billion shares to be issued, the ICBC raised 19.1 billion U.S. dollars, more than the 18.4 billion-U.S. dollar offering of Japan-based NTT Mobile, previously the largest IPO in history.

Up to Thursday, the ICBC's initial offering met with hearty response from investors. The bank has attracted nearly 425 billion Hong Kong dollars in orders from the Hong Kong market and more than 700 billion yuan (87.5 billion U.S. dollars) from the mainland, a record high for both markets.

The ICBC's share offering started simultaneously on Monday in Hong Kong and Shanghai, the first time a Chinese company has done this.

Experts believe the success of the IPO bodes well for Chinese companies listing on both domestic and overseas markets.

Source: Xinhua