Bank of Beijing to raise 15b yuan
Updated: 2007-09-10 16:26
Bank of Beijing, the third Chinese city-level commercial bank to go public, will be able to raise as much as 15 billion yuan (US$2 billion) for its public offering in Shanghai, Monday's Shanghai Securities News reported.
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The local bank in Beijing said the price range for its initial public offering (IPO) would be set between 11.5 yuan and 12.5 yuan for each share in a statement posted on Sunday to the Shanghai Stock Exchange.
The bank would sell 1.2 billion A shares on the Shanghai bourse, which would account for 19.3 percent of its enlarged capital after the Shanghai listing.
Analysts said most institutions would subscribe to the offering at the upper limit of 12.5 yuan each, to make it the largest IPO ever for Chinese city-level commercial banks, of which there are a total of 114 in operation.
Bank of Nanjing and Bank of Ningbo, the first two Chinese city-level commercial banks listed on the domestic equity market, raised a combined 11.1 billion yuan in July.
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