Agricultural Bank prices Shanghai IPO lower

Agricultural Bank of China has been forced to reduce the offering price for the mainland portion of its blockbuster US$23 billion listing in response to weak market conditions, reported the Financial Times. The US$23 billion estimate is based on ABC’s shares reaching the upper price range in the US$13 billion Hong Kong portion and US$10 billion Shanghai portion of its IPO. ABC announced that Shanghai shares would be priced between US$0.37-US$0.39, while Hong Kong shares would be priced between US$0.37-US$0.45. Final prices will be decided July 7, with Shanghai shares listing July 15 and Hong Kong shares listing the following day.