Agricultural Bank price range implies base deal of max $21 billion

An H-share cornerstone tranche of $5.45 billion, massive anchor interest and a valuation discount versus ICBC and CCB suggest selling the deal will be no issue.

Agricultural Bank of China ABC has set the price range for the H-share portion of its initial public offering at a level that confirms a significantly smaller deal than what the bank first indicated when it hired its bookrunners in early April.

Sources said late yesterday that the H-shares will be offered to investors at between HK$2.88 and HK$3.48 apiece, which implies a deal size of HK$73.3 billion to HK$88.4 billion $9.4 billion to $11.4 billion...

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