China's largest lender set the price of its Shanghai portion of the IPO at 3.12 yuan per share, at the top end of its IPO price range, it said in a statement issued jointly with its lead underwriters and published in official financial newspapers.

This means the bank will raise a record 46.644 billion yuan (US$5.9 billion) in its IPO portion on the Shanghai stock exchange, according to Reuters calculations, easily surpassing the current record of 20 billion yuan held by Bank of China's Shanghai IPO listed in July.

"In line with the situation of subscription and the issuer's demand for funds, we decided to exercise an overallotment option, bringing the total of the (Shanghai) issue to 14.95 billion shares," ICBC said in the statement. ICBC's Shanghai option accounts for about a quarter of its IPO, with Hong Kong having the lion's share.

China revised its regulations governing stock issues earlier this year, allowing overallotment, also known as greenshoe options, for the first time, although such options have been a common practice in Hong Kong and other mature stock markets.

(US$1 = 7.9 yuan)

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