AgBank in record $22bn flotation

Agricultural bank of China is set to raise $22.2bn (£14.6bn) from its initial public offering in Shanghai and Hong Kong, making it the largest flotation ever.

Sources close to the deal said AgBank, China's third-largest bank, was priced at the top of an indicated range at 2.68 yuan per share in Shanghai. Its Hong Kong-listed shares were priced at HK$3.20, raising $10.5bn. The pricing puts AgBank on course to beat the record $21.9bn IPO by Industrial & Commercial Bank of China in 2006.

AgBank is raising funds to replenish capital after the financial crisis and an industry-wide lending binge.

The flotation is set to value AgBank at about $150bn, ranking it by market value as the fourth-biggest bank in the world, behind ICBC, China Construction Bank and HSBC.