SWFs help AgBank shave IPO record
The IPO of the Agricultural Bank of China in Hong Kong and Shanghai raised $19.2 billion, which will breach the Industrial and Commercial Bank of China's all-time record if a further greenshoe placement takes it to an expected $22.1 billion, with much of the float taken up by the China Investment Corp (CIC), Singapore's Temasek Holdings and the SWFs of Qatar and Kuwait.
Shares were priced near the middle of the expected range in Hong Kong and towards the high end in Shanghai: they will begin trading later in the month. Market observers are already warning that the SWF...
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