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Agricultural Bank of China (ABC), preparing for what may be the world's largest ever IPO, was given a 2011 forecast valuation of 1.57 times to 1.97 times price to book, according to one of its underwriters.
At a 1.7 midpoint, ABC's forecast 2011 valuation is projected to be higher than Bank of China and three of seven large Chinese banks listed in a document distributed by Macquarie, which is one of the offering's underwriters.
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Macquarie's price to book value for 2010 ranges from a low end of 1.9 times price to book to 2.3 times. It says ABC's overall book value is expected to rise 19 percent to 619.6 billion yuan ($90.69 billion) in 2011.
Macquarie views the company's total market value in the range of 974 billion to 1.22 trillion yuan.