China Construction Bank’s listing on the Shanghai Stock Exchange raised US$7.72 billion, setting a new A-share initial public offering record, AP reported. It sold 9 billion shares at RMB6.45 (US$0.86) each, the top end of its indicative price range. CCB is China's second-largest bank by assets and is already listed in Hong Kong. Its IPO price is equal to 32.91 times 2006 earnings, which is close to the price-to-earnings ratio of China's three other major lenders, Industrial and Commercial Bank of China, Bank of China and Bank of Communications. The bank said the institutional tranche was 34 times oversubscribed, while the retail tranche was 40 times oversubscribed. It attracted US$299 billion in subscription funds. ICBC held the previous A-share IPO record with a US$6.2 billion listing last year.