While the IPO will surely be a success, I don't think high of the bank. I normally bank with China Merchant Bank, also a public traded bank in China. ICBC is just too big to be successful.

China's biggest bank, Industrial & Commercial Bank of China Ltd., aims to raise as much as $21.94 billion in its initial share sale in Hong Kong and Shanghai, in what likely will be the world's biggest initial public offering.

ICBC decided over the weekend on an indicative price range of 2.56 Hong Kong dollars to HK$3.07 (32.9 to 39.4 U.S. cents) a share, according to people involved in the transaction. That range could change slightly.

ICBC aims to sell 35.39 billion shares in Hong Kong and 13 billion shares in Shanghai. At the low end of the price range, the bank would raise $15.9 billion from the sale of those shares. But the share sale, like many, also gives the bank an "overallotment option" that could boost the number of shares sold by 15%, to 55.65 billion, fetching as much as $21.94 billion.

To grab the mantle of the biggest IPO, ICBC will have to raise more than the $18.4 billion NTT Mobile Communications Network Inc. raised in its 1998 stock offering, according to market-data provider Dealogic Inc.