HONG KONG, Sept 23: The key investors in the Industrial & Commercial Bank of China’s initial public offering -- expected to be the world’s biggest IPO -- include the Kuwait Investment Authority, a firm linked to Singapore’s government and two companies controlled by Asia’s second-richest man.

The bank -- mainland China’s biggest commercial lender -- named the so-called cornerstone investors in its preliminary listing prospectus issued on Friday night.

ICBC plans to sell HK$27.6 billion worth of shares to the strategic investors when its stocks are simultaneously listed in Shanghai and Hong Kong, the document said. The listing, which could raise as much as US$19 billion, is expected in late October. —AP