Reuters scoops on AgBank upping IPO to record $30 bln

Reuters broke news on May 3 that Agricultural Bank of China (AgBank) increased the size of its IPO to a record $30 billion, the world’s biggest ever. AgBank plans to submit formal applications for a dual listing in Shanghai and Hong Kong this week with an eye to launching its IPO in July or even earlier. The nine underwriters, including JPMorgan and Deutsche Bank, are securing cornerstone investors, potentially some U.S. hedge funds, for the IPO. Bloomberg News and Dow Jones Newswires unmatched the story, which was quickly picked by up major global media outlets including the influential DealBook column of the New York Times online.