NEW YORK ( TheStreet) -- The Agricultural Bank of China's initial public offering could be on its way to becoming the largest IPO ever, surpassing a record set by a peer Chinese bank in 2006.

AgBank will raise $19.3 billion -- before an overallotment of shares -- according to anonymously sourced reports from Hong Kong and mainland China that began filtering through the financial press on Tuesday.

In 2006, the Industrial & Commercial Bank of China raised $21.9 billion, but it is now expected to fall to second place on the list of all-time IPO fund raisings, if AgBank's share overallotment nudges its IPO over the $22 billion mark.

AgBank is dual listing its IPO in Hong Kong and mainland China. According to anonymous sources quoted by Bloomberg and Reuters, the Hong Kong-listed AgBank shares have priced at HK3.20, and the yuan-denominated shares have priced at 2.68 yuan, or approximately 40 to 41 cents.

The pricing information indicates that AgBank will raise a total of $19.3 billion, with the overallotment raising the IPO proceeds to $22.2 billion.

Many major Wall Street banks are involved in the Hong Kong listing of AgBank shares, including Deutsche Bank ( DB), Goldman Sachs ( GS), JPMorgan ( JPM) and Morgan Stanley ( MS).

Standard Chartered, the lead underwriter of the AgBank deal among Western banks, is investing $500 million in the IPO.

Sovereign wealth giants buying into AgBank shares include the Qatar Investment Authority and Kuwait Investment Authority.

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