Institutional investors have placed bids valued at $50bn for the Hong Kong portion of Agricultural Bank of China’s mammoth dual-listing, according to people close to the deal.
The high level of institutional demand means that Agricultural Bank remains on track to raise as much as $23bn in what could be the world’s biggest initial public offering.
Investors have been placing their orders at prices across the HK$2.88-HK$3.48 ($0.37-$0.45) range in which Agricultural Bank plans to sell 25.4bn shares in Hong Kong.
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