icbcs-indicative-price-range-offers-discount-versus-peers

ICBC's indicative price range offers discount versus peers

Price range indicates pre-greenshoe deal size of $15.9 billion to $19.1 billion for combined H and A share offering. The offering has the potential to become the world's largest IPO.

By Anette Jönsson

October 08, 2006

Industrial and Commercial Bank of China has set a price range for its mega-size initial public offering. The range will value the stock at a discount of 10-22% to China Construction Bank - which is widely viewed as the bank's closest comparable, sources familiar with the offering said yesterday. Based on current market prices it will also offer a discount to Bank of China, albeit a smaller one.

ChinaÆs largest bank, which will kick off the official roadshow for its dual listing in Hong Kong and Shanghai today, will sell the Hong Kong portion of its offering at between HK$2.56 and HK$3.07 per share for a total deal size of $11.7 billion to...

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