Agricultural Bank of China to be World's largest IPO

BEIJING, Jun. 29 -- Agricultural Bank of China (ABC) is set to raise up to $23.2 billion in the world's largest listing, according to the price range the lender set for its shares.

ABC said late Monday in a statement filed with the Shanghai Stock Exchange that it had set the price range for the Shanghai portion of its initial public offering (IPO) at 2.52 to 2.68 yuan ($0.37 to $0.39).

The lender last week priced shares in the Hong Kong part of its IPO at 2.88 to HK$3.48 ($0.37 to $0.45).

ABC said it would offer 22.23 billion A-shares in Shanghai and 25.41 billion H-shares in Hong Kong, excluding an over-allotment option, in the preliminary prospectus it submitted to the China Securities Regulatory Commission (CSRC).

The pricing of the shares means ABC, the last of China's "big four" state-owned banks to float shares, would be able to raise up to $23.2 billion, set to beat a record $21.9 billion raised by Industrial & Commercial Bank of China in 2006.

The CSRC earlier this month approved ABC's IPO application for dual listing in Shanghai and Hong Kong, which is scheduled at mid-July.