Despite recent headwinds in Asia and an all but stable market, Agricultural Bank of China [1288.HK][601288.CH] priced a record-breaking IPO this week in a dual Shanghai/Hong Kong offering.

Agri Bank sold 22.2 billion A-shares in mainland China priced at ¥2.68 (US$0.40) apiece; the top of the ¥2.52-¥2.68 (US$0.37-US$0.40) range, raising $8.8 billion in Shanghai. The company also offered 25.4 billion H-shares, which priced at HK$3.20 (US$0.41) apiece, above the midpoint of the HK$2.88-HK$3.48 (US$0.37-US$0.45) range, raising US$10.4 in the international portion of the offering. The combined offer sums to a record-breaking US$19.2 billion.