Shares in the Industrial &Commercial Bank of China (ICBC) soared in Hong Kong and Shanghai during its initial public offering on Friday, according to the Associated Press.
Launched as the world’s largest IPO, the stock’s price rose 17 per cent to $3.60 Hong Kong dollars ($.46). It started at HK $3.07 per share.
Though analysts predicted the debut price in Shanghai would jump 10 to 15 per cent the shares only rose 9 per cent from 3.12 yuan to 3.40 yuan.
ICBC raised $21.9 billion, exceeding the previous record of $18.4 billion set by the Japanese company NTT DoCoMo Inc. in 1998.
“We will bring great new achievements for economic prosperity and the development of the society,” says ICBC Chairman Jiang Jianqing before trading on Friday.