ICBC raises US$38 billion on first day
10 October 2006
Industrial and Commercial Bank of China attracted US$38.5 billion in orders from international investors yesterday, the first day of its expected US$19 billion-plus initial public offering, the South China Morning Post reported. The quick sale surpassed the previous first-day record held by the Bank of China. "Sponsors told us that ICBC's offering is so hot that its order book was fully covered in the first hour," a fund manager told the newspaper. Yesterday the bank lowered the indicative price for its shares to between US$0.32 and US$0.39 (HK$2.56-3.07). The final price will be set on October 20. The bank is simultaneously launching H-shares and A-shares in what is expected to be the world's largest IPO.
