Big China bank plans IPO

We've discussed recently the fact that Chinese companies have been on an IPO tear. Now comes news that China's biggest bank, Industrial and Commercial Bank of China, aims to go public in what might be a record-setting offering. It aims to raise about $19 million via the Hong Kong and Shanghai exchanges. This is great news for the lead underwriters: Merrill Lynch, Credit Suisse, Deutsche Bank and China International Capital. This is perhaps even better news for Goldman Sachs, which owns a 6.75 percent stake in the company. All in all, the China IPO gravy train continues. Most expect the buyside to go all out for allocations.

For more on the offering:
- Here's a New York Times article