SHANGHAI: Agricultural Bank of China (ABC) seeking to raise more than $23 billion in what would be the world's biggest initial public offering, said it will launch the Shanghai portion of its IPO this week.
ABC also said on Wednesday it aimed to list on July 15, confirming details reported in official media.
Special Coverage:Focus on ABC's IPO PlanABC, the last of China's four big state banks to go public, is selling a 15 percent stake in a dual listing in Hong Kong and Shanghai, excluding a greenshoe option, to replenish its capital and fuel expansion.
ABC originally pushed a valuation that would have raised as much as $30 billion, but a drop in China's stock market, coupled with scrutiny of the bank's loan exposure has tamped down estimates of the lender's worth.
The bank said up to 40 percent of the Shanghai portion of the offering, including the greenshoe option, would be placed with strategic investors.
Its Hong Kong listing, expected one day after the Shanghai debut, has already signed up Asia's third and fourth-richest individuals as cornerstone investors, according to a report.
If ABC raises more than the $23 billion it hopes, it will be the world's largest ever IPO, beating out ICBC's $21.9 billion dual listing in 2006.
