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Agricultural Bank of China plans to raise more than 11 billion U.S. dollars through the Hong Kong portion of its initial public offering.
AgBank kicks off a formal marketing roadshow on Thursday. It's set a proposed price range of more than 2.8 Hong Kong dollars to around 3 Hong Kong dollars a share for the Hong Kong offering. Meanwhile, the lender plans to set a price of 2.6 yuan to 2.7 yuan a share for the Shanghai offering. The price range keeps the lender on track for the largest IPO on record.
AgBank will offer 25.4 billion shares in Hong Kong and 22.2 billion shares in Shanghai. It is scheduled to begin taking subscriptions on July the first.