The Industrial & Commercial Bank of China (ICBC) has been granted approval by the Chinese government for an initial public offering (IPO). It is thought that they are hoping to raise up to USD 21.8 billion, making it the world’s largest IPO.
According to the BBC, the IPO “has been officially approved,” says Liu Mingkang, the chair of China’s Banking Regulatory Commission.
It is thought that the ICBC will be able to raise up to USD 14 billion through a simultaneous offer in Hong Kong and Shanghai, scheduled for later this month.
This decision comes after the success of the Bank of China’s IPO in May.