Agricultural Bank of China, which hopes to raise as much as $23bn in the world's biggest initial public offering, has been forced by the weak mainland stock market to offer its shares at a lower price range in Shanghai than in Hong Kong.
Agricultural Bank stood to raise as much as $13bn in Hong Kong and another $10bn in Shanghai, if the shares sold at the top of the price range and underwriters on the deal triggered options to increase the offering's size by 15 per cent.
At $23bn, Agricultural Bank's IPO would exceed the record $21.9bn that Industrial and Commercial Bank of China (ICBC) raised in 2006.
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