ABC sets H-share IPO price at HK$3.2

Updated: 2010-07-09 10:09
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HONG KONG: Agricultural Bank of China (ABC), the last of the country's largest four banks to go public, announced on Friday it has set its H-share initial public offering (IPO) price at HK$3.2 ($42 cents) per share, which was in the middle level of its IPO price range.

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"The offer price for the global offering has been determined at HK$3.2 per H share, exclusive of brokerage of 1 percent, transaction levy of 0.004 percent and Hong Kong Stock Exchange trading fee of 0.005 percent," ABC said in a statement filed to the Hong Kong stock exchange.

Earlier, ABC had set its IPO price range in Hong Kong between HK$2. 88 and HK$3.48.

The pricing of the shares means the Beijing-based bank could raise up to HK$81.32 billion ($10.44 billion) via the Hong Kong portion of the IPO.

ABC plans a dual listing in Shanghai and Hong Kong in mid-July to replenish its capital base after a lending spree last year.