Industrial & Commercial Bank of China raises $19 billion in its IPO

China’s biggest bank, Industrial & Commercial Bank of China has raised around $19 billion in what is being considered as the world’s biggest initial public offering.

The company also priced the IPO at the top end of expectations, as the demand for it has been overwhelming.

The sales of stock of the bank has overtaken the previous record of Japanese mobile phone company NTT DoCoMo Inc. NTT DoCoMo had raised $18.4 billion in 1998 through an IPO.

ICBC would be revealing the prices of the share officially on Monday. The shares would begin trading simultaneously in Hong Kong and Shanghai next Friday.

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