Mainland lender under pressure to value shares at top of price range for US$19b dual IPO to beat peers
Industrial and Commercial Bank of China (ICBC), the country's largest bank, has won the final approval for what is expected to be the world's largest initial public offering.
The China Securities Regulatory Commission (CSRC) approved the mainland portion of the US$19 billion Hong Kong and Shanghai dual listings, clearing the way for the bank and its underwriters - Shenyin & Wanguo, China International Capital Corp, Guotai Junan and Citic Securities - to begin pre-marketing with mainland institutional investors today.
The bank will publish its prospectus and begin its mainland IPO roadshow immediately after the end of the week-long National Day holiday that begins on Sunday.
Pricing will begin on October 13 and the stock is expected to start trading in Shanghai and Hong Kong on October 27, market sources said.
The approval for the sale of up to 13 billion yuan-denominated A shares came after Hong Kong's regulator approved the sale of 35.4 billion Hong Kong dollar-denominated H shares on Thursday.