ICBC to launch 'record-breaking' IPO

9 October 2006

China's largest bank, Industrial and Commercial Bank of China (ICBC) is expecting to raise in the region of $21 billion when it lists its shares on Chinese stock markets later this month, Chinese media have reported.

The bank is set to offer up 15 per cent of its shares in joint initial public offerings (IPOs) on the Shanghai and Hong Kong markets, and, if the expected amount is raised, the floatation could be the largest the world has ever seen.

Chinese state media reported the story earlier today, although the bank has yet to confirm their expectations of a record-setting IPO.

Commentators have suggested that the floatation is likely to draw huge interest from potential investors, especially given the previous record of IPOs from Chinese banks.

Many also see the bank as closely tied with China's current economic boom, making the prospect of buying into that success an attractive one.

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