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Retail Investors Not Flocking To AgBank IPO

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bank_1 June 30, 2010 (Chinavestor) AgBank's planned $23.2 billion initial public offering, the largest IPO on record, has failed to woo retail investors despite the fact that institutional investors have oversubscribed to the offering. Retail investors have only subscribed to $64.4 million worth of AgBank shares, or 11.3% of the retail tranche, the Wall Street Journal reported.

Analysts said market conditions and AgBank's high valuation may be dampening retail investor interest in the IPO. AgBank, China's third-largest bank, will split the offering between the Hang Seng and the Shanghai Composite indexes. Final pricing for the IPO is expected to be completed on July 7.

AgBank will start trading in Shanghai on July 15 and in Hong Kong on the following day, the Journal reported. AgBank, which is heavily exposed to China's rural areas, is believed to hold more bad loans than its larger rivals, another factor that may be weighing on investor enthusiasm for the IPO.



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