ICBC raises US$19.1bn on first day
30 October 2006
Industrial and Commercial Bank of China (ICBC) raised a record US$19.1 during its trading debut October 27 as shares surged 15% in Hong Kong alongside a relatively modest 5.1% in Shanghai. Hong Kong shares opened at US$.46 (HK$3.60) - up from the US$.39 (HK$3.07) IPO price - and closed at US$0.45 (HK$3.52). Shares in Shanghai opened at US$.43 (RMB3.40) up from the IPO price of RMB3.12 and closed at RMB3.28. The initial public offering became the world's largest IPO, ahead of Japan's DoCoMo which once raised US$18 billion. However, ICBC shares did not surge as much as those of Bank of China, which jumped as much as 32% during intraday trading on their first day of trading earlier this year.