World’s Largest IPO Achieved by Industrial & Commercial Bank of China, Ltd.
The Industrial & Commercial Bank of China raised $19.1 billion to achieve the world’s largest IPO - more than twice Citigroup Inc’s market value.
More than 48 billion shares were sold at $0.39 each.
Holy smokes! That’s a lot of shares for a quarter, dime and a nickel.
And still more shares may be put on the block.
ICBC’s market value may soon exceed Mistubishi UFJ Financial Group’s $135 billion before long to make it the world’s fifth largest bank…but still a far cry from Citigroup valued at $248 billion.
What I see is that China now has more money to feed into its economic expansion AND more money to throw are state companies that don’t pay it back.
China’s banks had as much as a 30% default rate on loans in as late as 2000.
So, how much more money do the banks have to throw away now?
And, When will there be an accounting?
What do you think?
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