Mainland's No1 lender sets aside 25pc of shares in potential US$15b public offering for key investors
Industrial and Commercial Bank of China, the mainland's largest lender, has earmarked US$3 billion worth of shares in its Hong Kong initial public offering to about 10 Hong Kong tycoons and groups, sources have said.
Although ICBC's float would only take place in September, sources said bookrunners of the deal had begun talks with potential corporate investors in the past few weeks.
The bank planned to sell such investors about 25 per cent of the float, the sources added.
'The lender aims to raise at least US$12 billion, or even up to US$15 billion on positive market conditions,' they said.
'It means corporate investors will take up at least US$3 billion of the shares in the float.'
