The Hong Kong and Shanghai dual deal that will break all IPO records by heaving more than US$22-billion, when adding in over-allotment shares, has been priced by the Agricultural Bank of China.

With an unveiling planned for July 15 in Shanghai, and a day later in Hong Kong, the preliminary public offering, intended at fund raising for replenishing capital, continues to face a tough after-market.

It has struggled through a plummeting Chinese stock market and a euro zone debt catastrophe, which has upset other markets across the world. But regardless of the headwinds, China’s third-largest bank by assets had managed to draw in strapping demand for the IPO.

AgBank, not only has a rambling network of branches in China’s rustic areas, but also has a presence in its major cities. But just three months ago, AgBank, founded by Mao Zedong in 1951, was theoretically bankrupt, with non-performing credits of around 24%.

Given the strong institutional demand backing the deal so far, it is highly likely that the green shoe will be exercised, sources say, though no deal is complete, until it debuts.

“Investors have been on the sidelines waiting for the AgBank IPO.But I see volume picking up once again after the listing, as the fundraising has already been discounted in the stock prices and pessimism about the global economy tempers”, said Mark To, Head of research at Wing Fung Financial Group.