China’s Agriculture Bank seeks $30bln IPO this week

AgBank to apply for dual listing in Hong Kong and Shanghai via world's largest-ever IPO.

Agricultural Bank of China (AgBank), the smallest of the country's Big Four banks, will apply this week for a massive $30 billion IPO, racing with rivals to raise funds as Beijing mops up excess cash from the economy.

AgBank plans to submit formal applications for a dual listing in Shanghai and Hong Kong this week with an eye to launching its IPO, the world's biggest ever, in July or even earlier, sources told Reuters on Monday.

"We all know the market window could be closed anytime within the next few months so whoever can sell their IPO first wins," said one source who was briefed on the bank's IPO plan.

"After China Construction Bank announced its rights issue plan, AgBank definitely felt more hurried to push its IPO plan forward," said the source. The sources declined to be named as they were not authorised to speak to the media.

AgBank's top management has asked its underwriters to aim to bring the size of its IPO close to $30 billion, versus an original, more modest target of at least $20 billion, said the sources.

View the full story in Reuters.