Bank of China (BOC) raised US$9.7 billion in the largest initial public offering since April 2000 after pricing shares slightly below the top of the range. The bank sold 25.57 billion shares priced shares at US$0.38, near the top of the US$0.32-0.39 range. Institutional investors applied for 20 times the amount of shares offered while retail investors subscribed to 77 times the amount available. Saudi Prince Alwaleed bin Talal's Al Azizia Commercial Investment Company paid US$2 billion for a 2.7% stake in the bank. Meanwhile, Royal Bank of Scotland, which bought a 5% stake prior to the IPO, has seen the value of its investment double. The BOC IPO bucked the general downward trend in regional stock markets over the last two weeks. Tianjin Port Development elicited a similarly favorable response as its shares rose 26.33% in its Hong Kong debut, although not as high as the 30-40% gain expected.