ICBC surprises no one by pricing record IPO at the top

At $19.1 billion, the IPO from China's largest lender marks the largest initial share sale in the world. The institutional order book was covered in half an hour.

Industrial and Commercial Bank of China ICBC has fixed the price for its initial public offering at the top end of the HK$2.56 to HK$3.07 range, securing the dealÆs position as the worldÆs largest IPO ever.

Together, the bankÆs A-share and H-share offers raised $19.1 billion û well above NTT DoCoMoÆs $18.4 billion IPO in 1998 û and thatÆs even before exercising the greenshoe. Including those additional shares, which account for 15% of the initial offer,...

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