Agricultural Bank of China is waiting for Government approval for its initial public offer. The bank is planning to rise up to 150 billion yuan in the public offering with dual listings in Hong Kong and Shanghai.

The bank is the third-largest commercial lender by assets nearing Industrial & Commercial Bank of China Ltd. and China Construction Bank.

The indicative price of the shares in the Shanghai listing would be about CNY3, each as per a source. But the timings of IPO are still kept a secret.

As per a source, the state pension fund is thinking to invest about 20 billion yuan in the bank. It is expected that the bank will be floating some 50 million shares.