The Industrial & Commercial Bank of China (ICBC) is planning to launch its initial public offering at the end of October, according to a report released today.
Final pricing for the shares will likely happen on October 20th, ahead of the bank's dual listing the following week, a source said.
The stock sale could raise more than $19 billion, surpassing the record $18.4 billion raised by NTT Mobile Communications Network, in 1998.
The roadshow for the IPO will start October 9th, when the offering's indicative price range will also be given, Dow Jones Newswires reported.
The bank also intends to sell 27.6 billion Hong Kong dollars' ($3.54 billion) worth of shares to several strategic investors in its IPO, according to the bank's preliminary prospectus.
The investors include Kuwait Investment Authority, the Qatar Investment Authority and GIC Direct Investments Pte Ltd., an investment arm of the Singapore government.
ICBC is seeking to issue 13 billion A shares - priced in Chinese currency - and 35.39 billion H shares, or stocks for a mainland Chinese-registered company listed in Hong Kong, the preliminary prospectus said.
ICBC's dual IPO will be the first simultaneous offering of a Chinese state lender in Hong Kong and Shanghai. Chinese regulators have yet to approve the listing.