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Agricultural Bank of China Ltd. boosted the size of its initial public offering to $22.1 billion after selling more stock in Shanghai, making it the world’s largest first-time share sale.
China’s biggest lender by customers sold a further 3.34 billion shares at the IPO price of 2.68 yuan (39 cents) apiece, it said in a stock-exchange filing.
The expansion propels Agricultural Bank’s IPO past Industrial and Commercial Bank of China Ltd.’s $21.9 billion sale in 2006 to become the world’s largest.
The bank raised $20.8 billion selling shares in Hong Kong and Shanghai early last month as chairman Xiang Junbo braved a stock-market rout that drove the Chinese benchmark index to a 15-month low.
Bloomberg News
