Industrial and Commercial Bank of China may price its IPO at 2.6 to 2.7 times its forecasted book value for this year, the South China Morning Post reported. The upcoming dual listing in Hong Kong and Shanghai is expected to raise US$19 billion for the bank and be the largest in history. Although no price has been set, the newspaper quoted market sources as saying the price under consideration could be higher than what sponsors on the deal have suggested: China International Capital Corp (CICC) estimates the fair value of the shares to be between 2.1 and 2.55 times the 2006 book value; Deutsche Bank 2.4 to 2.9 times 2006 book value; and Credit Suisse 2.4 to 2.9 times the 2007 book value.
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