October 27, 2006

Biggest IPO Ever is Chinese

The Industrial and Commercial Bank of China (ICBC), which opened the first post Mao share trading counter in Shanghai in 1986, debuted on the Hong Kong and Shanghai exchanges today and will taken in almost $22 billion (USA dollars) after the exercise of its "green shoe" option. The IPO is the most lucrative in history and drawfs the previous record holder, the 1998 IPO of Japanese telcom firm DoCoMo.

ICBC is now already the world's 5th largest bank with a stock market capitalization at over $156 billion.

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