The Industrial and Commercial Bank of China (ICBC) will be listed on the Hong Kong and Shanghai stock exchanges next month, with an initial public offering (IPO) that is predicted to be the largest in the world to date.
The IPO is scheduled for 27 October, with around $19 billion expected to be raised, beating the previous record for the largest IPO ever set by Japanese mobile phone company NTT DoCoMo, which raised $18.4 billion in 1998.
It is expected that 14.8 percent of the bank’s share capital is expected to be on offer, with around three quarters going to Hong Kong, where over 35 billion shares will become available.