The bank has raked in $10.4 billion in Hong Kong and $8.8 billion in Shanghai for the IPO, with the Shanghai offering over-subscribed by 20 times and the Hong Kong sale by more than ten times.
An option to increase the size of the AgBank IPO by a further 15 per cent is now likely to be exercised as a result of its popularity.
If it goes ahead, the IPO would become the world's largest, beating the $21.9 billion raised in 2006 by the Industrial and Commercial Bank of China, reports the Financial Times.
"The deal highlights investor optimism about Chinese banks, even as their peers in the west are hobbled by bad loans after the financial crisis," the newspaper stated.
In April, ten banks were hired to help arrange the IPO, with the financial institutions involved including Goldman Sachs, JPMorgan Chase and Deutsche Bank, reported Bloomberg.
By Tony Aynsley