Agricultural Bank of China’s (ABC; 601288.SH, 1288.HK) initial public offering reached a world record US$22.1 billion after the lender fully exercised its 15% over-allotment quota in Shanghai and Hong Kong, the Financial Times reported. It took the record from Industrial and Commercial Bank of China (ICBC; 601398.SH, 1398.HK), which raised US$21.9 billion in 2006. Claiming the title has not been easy, with underwriters and institutional investors struggling to keep ABC’s shares above the IPO price for the first 30 days of trading. Had they failed to do this, some of the over-allotment quota could have been clawed back. ABC said earlier this month that Goldman Sachs (GS.NYSE), its Hong Kong stabilization agent, has spent more than US$81 million buying shares in an attempt to keep the stock above its HK$3.20 (US$0.41) offering price. Analysts said state-controlled fund managers had been doing the same in Shanghai.