AgBank announces IPO prices in Hong Kong

Further capital will be raised when AgBank simultaneously launches on the Shanghai Stock Exchange. While AgBank, China's third-largest lender, did not announce its intended listing price in Shanghai, local reports suggested it would be in the range of RMB2.60-2.70 ($0.38 to $0.40), which could raise as much as $23 billion in its collective debut. That figure would make it the world's largest IPO, surpassing the $21.9 billion raised by the Industrial and Commercial Bank of China in 2006.

The news comes weeks after Asian and Middle Eastern SWFs assessed their potential for pre-IPO investments. According to reports, the AgBank has specifically been of interest to funds including the China Investment Corp (CIC), Singapore's Temasek Holdings - which may invest $300 million into the company - and the SWFs of Qatar and Kuwait, both of which are reportedly looking to invest more than Temasek. Reports further highlighted that AgBank may sell approximately 40% of its Hong Kong initial public share offering to such investors, as well as other global corporations.

AgBank initially hoped to garner as much as $30 billion in the IPO but tempered its expectations to parallel the market climate.

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• Topics
• Greater China
• Financials
• PIPEs
• LPs
• Temasek Holdings
• CIC