China Everbright poised for $3.21b IPO

China Everbright Bank has set a price range for its initial public offering of RMB2.85-3.10 (US$0.42-0.45) per share, the Wall Street Journal reported. China’s 11th-largest lender by assets is expecting to raise as much as US$3.21 billion from the IPO through the sale of 6.1 billion renminbi-denominated A-shares in Shanghai. Exercising its overallotment option would push the total number of shares for sale up to 7 billion. Of the total shares on offer, 3 billion will be earmarked for cornerstone investors, and 1.55 billion will be reserved for institutional investors. The institutional investor allotment was 17 times oversubscribed in pre-marketing.