Agricultural Bank Of China awaits IPO approval

Government's nod for IPO in Shanghai and Hong Kong could raise $22 billion for the bank.

An executive of the Agricultural Bank of China Ltd. said the lender is still waiting for the government's approval of its initial public offering (IPO). He also said in a report on the Wall Street Journal that the bank has yet to decide on details such as the timing of the IPO.

The bank plans to raise up to CNY150 billion ($22 billion) through a dual listing in Shanghai and Hong Kong as early as April, a China Daily report on 5 January 2010 said citing revelations made by unnamed sources.

The executive said the bank would prefer a dual listing because of the likely large size of the offering.

China Daily cited an unnamed source as saying Agricultural Bank plans to list 50 billion shares in Shanghai and Hong Kong. The share price in Shanghai listing could be around CNY3 ($.44).