Bank of Shanghai plans to raise as much as 10.7 billion yuan ($1.6 billion) in an initial public offering, joining a swath of local lenders to tap into the equity market for expansion in what is expected to be the largest IPO in China this year. Bank of Shanghai, China’s second-biggest municipal bank, said it would sell more than 600 million shares at 17.77 yuan apiece to replenish capital, according to a statement posted on the Shanghai Stock Exchange on Tuesday. That will surpass the $1.1 billion IPO by Bank of Jiangsu as the biggest public floating by far this year, The Wall Street Journal reports. Bank of Shanghai’s IPO debut is delayed three weeks to November 2, according to the statement.
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