Agricultural Bank of China Ltd, the country's third-largest lender with assets of $1.4 trillion, plans to raise as much as US$11.4 billion in the Hong Kong portion of its initial public offering.The bank, which will kick off a formal marketing roadshow on Thursday, set a proposed price range of HK$2.88-HK$3.48 per share for the Hong Kong portion of its offering, sources close to the deal said on Wednesday.The sources are directly involved with the deal, but could not be named as the information is not yet public.The pricing for the Hong Kong portion of the deal will give it a price-to-book value of 1.55 to 1.79 times, pre-greenshoe, and 1.53 to 1.76 times, post-greenshoe, according to sources.The offering will be a dual Hong Kong and Shanghai listing. AgBank will offer 25.4 billion shares in Hong Kong and 22.2 billion shares in Shanghai, representing 8 percent and 7 percent of its enlarged share capital, respectively.(US$1=HK$7.75)(Reporting by Michael Flaherty and Kennix Chim, Editing by Ian Geoghegan and Maureen Bavdek)News posted by www.newsinfoline.com
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