An update on ICBC IPO
After raising US$21.9 billion in the world's largest IPO, the Industrial & Commercial Bank of China (ICBC) has made its debut in China's first simultaneous listing on Shanghai and Hong Kong markets. While the Shanghai debut was a bit uninspiring with a modest gain of just 5 percent, the Hong Kong listing was along the expected lines marking a gain of 15%.
The IPO was oversubscribed 26 times. Four of China's banks have come out with initial public offers in the past one year and have seen strong demand particularly from overseas investors. China's surging economy, which is set to grow by more than 10% this year, has created strong demand for these banks’ shares. However, there are fears that banks have been overvalued, with questions raised over levels of bad debt.
Here's a list of the world's 10 largest IPOs till date (source: Reuters). It can be seen that 3 Chinese banks figure in the list.
Date Company Size (Billion USD)
Oct. 20, 2006 Industrial & Commercial Bank of China 21.9
Oct. 12, 1998 NTT Mobile Communications 18.4
Oct. 31, 1999 Enel 17.4
Nov. 17, 1996 Deutsche Telekom A.G. 13.0
May 24, 2006 Bank of China 11.2
Apr. 26, 2000 AT&T Wireless Services Inc. 10.6
July 14, 2006 Rosneft 10.4
Nov. 15, 1997 Telstra Corp Ltd. 10.0
Oct. 20, 2005 China Construction Bank 9.2
Nov. 18, 2005 EDF 9.0
After raising US$21.9 billion in the world's largest IPO, the Industrial & Commercial Bank of China (ICBC) has made its debut in China's first simultaneous listing on Shanghai and Hong Kong markets. While the Shanghai debut was a bit uninspiring with a modest gain of just 5 percent, the Hong Kong listing was along the expected lines marking a gain of 15%.
The IPO was oversubscribed 26 times. Four of China's banks have come out with initial public offers in the past one year and have seen strong demand particularly from overseas investors. China's surging economy, which is set to grow by more than 10% this year, has created strong demand for these banks’ shares. However, there are fears that banks have been overvalued, with questions raised over levels of bad debt.
Here's a list of the world's 10 largest IPOs till date (source: Reuters). It can be seen that 3 Chinese banks figure in the list.
Date Company Size (Billion USD)
Oct. 20, 2006 Industrial & Commercial Bank of China 21.9
Oct. 12, 1998 NTT Mobile Communications 18.4
Oct. 31, 1999 Enel 17.4
Nov. 17, 1996 Deutsche Telekom A.G. 13.0
May 24, 2006 Bank of China 11.2
Apr. 26, 2000 AT&T Wireless Services Inc. 10.6
July 14, 2006 Rosneft 10.4
Nov. 15, 1997 Telstra Corp Ltd. 10.0
Oct. 20, 2005 China Construction Bank 9.2
Nov. 18, 2005 EDF 9.0
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(1) Euphoria, mad rush, and ............. crisis ?
(2) Why are Chinese banks hot?
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