ABC -- the building of a record IPO

Swiftly put together, yet carefully executed, there are lessons to be learned from this initial public offering.

One of the defining deals of 2010 will no doubt be Agricultural Bank of China’s long-awaited dual listing in Hong Kong and Shanghai. Not only did it manage to squeeze past Industrial and Commercial Bank of China ICBC to become the world’s largest-ever IPO at $22.1 billion, but it was also completed in just three months and resulted in a record pay-day for the investment banks involved. With three months having passed since the Hong Kong listing on July 16 and the share price up 30%, we decided to take a closer look at how the deal came together.

What we found was an IPO that was meticulously planned by the issuer to the extent...

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