ICBC sets IPO world record

Industrial and Commercial Bank of China (ICBC) has raised at least US$19.1 billion in its initial public offering, setting a new world record, the Financial Times reported. The projection is based on stellar interest in the IPO from mainland retail investors, which came to US$80 billion, 49 times oversubscribed. Hong Kong retail investors have already applied for US$55 billion in shares while demand from Shanghai and Hong Kong institutional investors came to around US$25 billion and US$350 billion respectively. As the Kong Kong retail tranche was 78 times oversubscribed, the number of shares on offer will increase 10%, likely putting the total value of the IPO at US$21.9 billion. The strong interest means ICBC is able to price shares at US$0.39, the top end of its indicative range. Trading is due to start in both Shanghai and Hong Kong on October 27.