Industrial & Commercial Bank of China (ICBC.YY), the country's largest lender by assets, set a price range of HK$2.56 to HK$3.07 a share for its initial public offering in Hong Kong.
ICBC is planning the first ever dual listing in Shanghai and Hong Kong. ICBC's duel-listed IPO could exceed US$21 billion, which could be the largest ever globally. The H-share portion could top US$16 billion.
The bank is seeking to issue 13 billion A shares in Shanghai and 35.39 billion H shares in Hong Kong, which translates into about 14.8% of its share capital.
If the green shoe of ICBC's IPO is exercised, the bank could sell up to 14.95 billion A shares and 40.70 billion H shares, which would account for 16.7% of its total share capital.
The H shares were priced between 1.96 to 2.23times forecasted 2006 book value pre green shoe.
Listed peer Bank of China Ltd. (3988.HK) was priced at 2.11 times book value ahead of its June listing in Hong Kong and subsequent A share listing.
Source:佚名