Agricultural Bank of China (AgBank), seeking to raise more than $23-billion (U.S.) in what would be the world's biggest initial public offering, said it will launch the Shanghai portion of its IPO this week.
AgBank also said on Wednesday it aimed to list on July 15, confirming details reported in official media.
China's third-biggest lender by assets said it would start premarketing to potential Chinese investors on Thursday and begin taking subscriptions on July 1.
AgBank, the last of China's four big state banks to go public, is selling a 15 per cent stake in a dual listing in Hong Kong and Shanghai, excluding a greenshoe option, to replenish its capital and fuel expansion.
AgBank originally pushed a valuation that would have raised as much as $30-billion, but a drop in China's stock market, coupled with scrutiny of the bank's loan exposure has tamped down estimates of the lender's worth.
The bank said up to 40 per cent of the Shanghai portion of the offering, including the greenshoe option, would be placed with strategic investors.
Its Hong Kong listing, expected one day after the Shanghai debut, has already signed up Asia's third and fourth-richest individuals as cornerstone investors, according to a report.
The Beijing-based bank, founded in 1951 by Mao Zedong as the rural unit of the central bank, boasts nearly 24,000 branches and employs more than 441,000 people, eclipsing Industrial and Commercial Bank of China and China Construction Bank, the world's two biggest banks by market value.
If AgBank raises more than the $23-billion it hopes, it will be the world's largest ever IPO, beating out ICBC's $21.9-billion dual listing in 2006.
Reuters