Agricultural Bank of China Ltd. is raising at least $19.2 billion in what may become the world's biggest initial public offering, according to two people with knowledge of the pricing and a company filing in Shanghai.

China's largest lender by customers priced its Hong Kong shares at 3.20 Hong Kong dollars (41 cents) apiece Tuesday after the stock was offered for 2.88 to 3.48, said the people, who declined to be identified before a public announcement is made. The Beijing company is selling 22.2 billion shares in Shanghai at 2.68 yuan (40 cents) each, the top of its range, it said in a statement to the city's stock exchange.

The IPO values Agricultural Bank at $126 billion, making it the world's eighth-largest lender by market capitalization, according to data compiled by Bloomberg News.

Agricultural Bank, with 320 million customers and 23,624 outlets in China, made a record 1 trillion yuan ($147.6 billion) of new loans last year, more than the gross domestic product of New Zealand.

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