Agricultural Bank of China Sets World Record for IPO

The Agricultural Bank of China raised a world record $22.1 billion in its July IPO after exercising an overallotment option.

China's main rural lender sold an extra 3.34 billion shares at the IPO price of 2.68 yuan (39 cents) per share through the overallotment option on its Shanghai offering, The Associated Press reported.

The overallotment raised an extra 8.94 billion yuan ($1.3 billion), pushing the IPO to $22.1 billion in total, overtaking the record set by Industrial & Commercial Bank of China, which raised $21.9 billion in a 2006 IPO.

The Agricultural Bank of China's share sale was a dual Hong Kong- Shanghai offering.