ABC set to hit $22.1b IPO record

Agricultural Bank of China (ABC) is on course to raise up to US$22.1 billion in what will be the world’s biggest initial public offering, the Financial Times reported. (ABC) raised US$10.4 billion in Hong Kong and US$8.8 billion in Shanghai, a total of US$19.2 billion. A greenshoe option – one that allows underwriters to place 15% more shares than the original issue in the case of excessive demand – would bring total proceeds to US$22.1 billion. Insiders believe ABC wants to see its listing exceed the US$21.9 billion record set by Industrial and Commercial Bank of China (1398.HK; 601398.SH) in 2006. ABC plans to list in mid-July.