China's ICBC plans US$19b IPO
(AFP)
Updated: 2006-07-18 11:30
China's largest bank, Industrial and Commercial Bank of China (ICBC), hopes
to raise US$19b when it lists in Hong Kong and Shanghai in what may be the
world's largest flotation, reports said Tuesday.
Customers queue up outside the Industrial and
Commercial Bank of China in Beijing. [AFP] |
The bank is this week expected to request a listing on the Hong Kong Stock
Exchange, where it is likely to place 12 percent of its share capital, the South
China Morning Post newspaper said, citing sources.
Another six percent was to be placed on the Shanghai bourse.
The paper said that ICBC was hoping to appeal to the city's big tycoons --
such as Asia's richest man Li Ka-shing -- to buy a 1.3 billion dollar,
10-percent bloc of shares.
The IPO is expected to just beat the world's largest IPO so far, the 18.4
billion dollar listing in 1988 of Japan's NTT DoCoMo telecom operator, the
report said.
It will certainly eclipse the 13.7 billion dollar flotation of rival Bank of
China in earlier this year, then the fourth largest listing.
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