The institutional allocation of China CITIC Bank's initial public offering was more than 30 times oversubscribed, Reuters reported, citing people familiar with the situation. Retail investors will be able to make their share applications from Monday. The bank, China's seventh-largest lender, is expected to raise up to US$5.4 billion from its dual Hong Kong/Shanghai listing in what will be the world's biggest IPO so far this year. CITIC was targeting US$5.7 billion but last week tightened its price range to HK$5.06-5.86 (US$0.65-0.75) from HK$4.72-6.17 (US$0.60-0.79). The new range values the bank at 2.57-2.75 times its 2007 book value. The 2.3 billion A-shares on offer will now go for RMB5.00-5.80. Spain's Banco Bilbao Vizcaya Argentaria and CITIC International Financial Holdings plan to buy about US$1 billion of shares. Japan's Mizuho Corporate Bank, the National Social Security Fund, PICC Property and Casualty and China Life are each expected to take US$51.2 million in shares.