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ABC IPO: Day by day


April 7-8: pitching
"You couldn’t win a spot on this deal at those pitch meetings," says a banker who was in them, "but we got the feeling you could certainly lose one."

April 9-13: waiting
"My sense is that who was on that deal changed 10 times in three days," says one of the winners.

April 14: the winners announced
On April 14 ABC announced which banks would be helping it to complete its transformation into a company with publicly traded shares.

April 16: the kick-off meeting
For those who won a slot on the deal there was no time for self-congratulation.

April 16- May 4: claustrophobic preparations
With nine external bookrunners working on the deal, appointing each a separate workspace within the bank proved impossible.

May 4-June 20: anchors, and tense bankers
The banks competed fiercely for ABC’s approval. 
June 20-July 1: tough questions on the road
"I recall one investor looking at chairman Xiang and saying: ‘Look I trust you, but this bank has half a million staff. How do you know one of them is not going to cause a scandal?’"

July 1-6: the mood darkens
The H-share prospectus for the IPO of Agricultural Bank of China is an imposing 771-page document.

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