Industrial and Commercial Bank of China, the country's largest lender, plans to sell up to US$3 billion in shares from its upcoming IPO to a select few tycoons and investment groups. The IPO is not expected until September but bookrunners are already talking to potential corporate investors, the South China Morning Post reported. The portion reserved for these investors would amount to 25% of the IPO, through which the bank aims to raise about US$12 billion. Hong Kong tycoons like Li Ka-shing, Lee Shau-Kee and Cheng You-tung are on the list. So far, the bank has not given any indication of share price but Bank of China's IPO may be used as an indicator.
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