China's nascent capital market has received a shot in the arm in its bid to compete with India with the infusion of nearly 22 billion US dollars in the world's largest initial public offering by the country's largest lender, the Industrial and Commercial Bank of China.ICBC made history by simultaneously conducting its IPO in Shanghai and Hong Kong in parallel listings that enabled both domestic and foreign investors to participate in China's unfolding banking and capital markets reform.The size of ICBC's IPO is "impressive," analysts told PTI here.The bank priced its shares in both Hong Kong and Shanghai at 3.07 Hong Kong dollars and 3.12 yuan or 39 US cents -- as part of efforts by the Chinese authorities to bring prices in the two financial centres in the country into line.The ICBC raised a minimum of 19.1 billion US dollars, but the bank was expected to soon increase its offering to 21.9 billion US dollars by exercising the so-called 'greenshoe' option to meet extra demand.ICBC's move to launch the world's biggest IPO was a milestone both for the banking industry and for the country's financial markets, analysts said.It also comes as China prepares to open its huge banking industry to foreign investors at the end of this year in line with its commitment to the World Trade Organisation.
