Industrial and Commercial Bank of China (ICBC) shares are set to rise 10-20% in both Hong Kong and Shanghai when they begin trading tomorrow, the South China Morning Post reported. The price rise will be propelled by retail investors who were unable to buy all the shares they wanted in the initial public offering due to massive demand. Institutional investors that also failed to get their hands on sufficient IPO shares are also likely to help push up the price. Although ICBC's dual Hong Kong-Shanghai offering came to a world record US$19.1 billion – US$21.9 billion when the Hong Kong over-allotment option is factored in – demand was such that the Hong Kong retail and institutional tranches were oversubscribed by 78 times and 50 times respectively. In Shanghai, the offering was oversubscribed 49 times and 14 times respectively. While Bank of China's (BOC) A-shares jumped 31% on their debut, which came a month after the H-shares had seen just a 15% rise, ICBC's H- and A-shares are expected to trade at parity.