Agricultural Bank of China will today start taking subscriptions from institutional investors for its huge dual-listing in Shanghai and Hong Kong.
Worried about the strength of institutional demand, Agricultural Bank has already convinced 11 cornerstone investors to take a whopping $5.45bn of shares in the Hong Kong portion of the initial public offering.
The cornerstone allocation is bigger than seen in any previous IPO, bankers say, and could boost confidence in the offering among institutional and retail investors.
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