HONG KONG - Industrial & Commercial Bank of China, the mainland's largest
bank, plans to launch its initial public offering - expected to be the
world's biggest ever - on Oct. 27 in Hong Kong and Shanghai, a report said
Final pricing for the shares will likely happen Oct. 20, ahead of the bank's
dual listing the following week, a person familiar with the deal told Dow Jones
The stock sale could raise more than $19 billion, surpassing the record $18.4
billion raised by NTT Mobile Communications Network Inc., or NTT DoCoMo Inc., in
The roadshow for the IPO will start Oct. 9, when the offering's indicative
price range will also be given, Dow Jones Newswires quoted the source as saying.
The bank also intends to sell HK$27.6 billion, or $3.54 billion, worth of
shares to several strategic investors in its IPO, according to the bank's
preliminary prospectus. The investors include Kuwait Investment Authority, the
Qatar Investment Authority and GIC Direct Investments Pte Ltd., an investment
arm of the Singapore government.
ICBC is seeking to issue 13 billion A shares - priced in Chinese
currency - and 35.39 billion H shares, or stocks for a mainland
Chinese-registered company listed in Hong Kong, the preliminary prospectus said.
ICBC's dual IPO will be the first simultaneous offering of a Chinese state
lender in Hong Kong and Shanghai. Chinese regulators have yet to approve the
Merrill Lynch & Co., Credit Suisse Group, Deutsche Bank AG, Beijing-based
China International Capital Corp., and ICEA Finance Holdings are acting as
bookrunners for the Hong Kong share offering.
ICBC selected four local underwriters for its domestic A-share IPO: China
International Capital Corp., CITIC Securities Co., Shenyin & Wanguo
Securities Co., and Guotai Junan Securities Co.