The China Securities Regulatory Commission said Tuesday that it had issued the final approval for Industrial and Commercial Bank of China's initial public offering, the International Herald Tribune reported. The country's largest bank, which plans to raise US$18-21 billion through simultaneous listings in Hong Kong and Shanghai, received regulatory approval from Hong Kong last week. The combined offer, roughly three-quarters of which will be conducted in Hong Kong, is expected to be the largest IPO yet, eclipsing the US$18.4 billion offer in 1998 by NTT Mobile Communications of Japan. The listing has attracted a total of US$3.5 billion in investments from Kuwait Investment Authority, China's top life insurer and a group of Hong Kong investors, including the billionaire Li Ka-shing. If it exercises its overallotment options, ICBC will sell 40.7 billion shares in Hong Kong and nearly 15 billion shares in Shanghai.