ABC likely to issue 51.4b shares in IPO

Mideast sovereign funds eyeing strategic investments in lender

BEIJING - The Agricultural Bank of China (ABC) is likely to issue up to 51.4 billion shares in its much-awaited initial public offering (IPO), accounting for 16 percent of its total capitalization, a source close to the bank said on Tuesday.

The bank set the proportion of its new share sale at a range between 12 to 18 percent of its total capitalization and it might scale down the IPO size if the market conditions remain volatile, the source said.