ICBC makes history with record US$19 billion IPO in dual listing in 2006 - SCMP archive
ICBC share prices diverge after first parallel listing By Carol Chan This article was first published on October 28, 2006 Shares of Industrial and Commercial Bank of China jumped a relatively modest 14.7 per cent on their Hong Kong debut and a lacklustre 5.1 per cent in Shanghai as the world’s largest-ever initial public offering finally came to market. The debut immediately catapulted China’s…
In 2006, ICBC (Industrial and Commercial Bank of China) made history by conducting the largest-ever initial public offering (IPO) with a record US$19 billion. The bank listed its shares in both Hong Kong and Shanghai, becoming the world's largest lender by market capitalization, surpassing JP Morgan Chase and ranking just behind it.
ICBC debuted in Hong Kong, where its shares increased by 14.7%, and in Shanghai, where they climbed by 5.1%. The sale was heavily oversubscribed in Hong Kong, with 75% of shares sold and the market valued at about US$149 billion. The bank's performance in Shanghai was less impressive, with shares rising only 5.1% above the offering price.
Analysts attributed the discrepancy to the maturity of the mainland market and the greater capital available in Hong Kong.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
