Everbright prices shares at top of price range

China Everbright Bank has priced its shares at the top of its indicative price range, and could raise up to US$3.21 billion in its Shanghai initial public offering, the Wall Street Journal reported. The IPO, which was priced at 1.57 times the bank’s 2010 book value – a discount to Everbright’s listed peers – attracted significant attention from investors before subscription to the offering closed on Tuesday. The bank sold 6.1 billion shares; the bank has not yet said whether it will exercise its overallotment option, which would bring the total number of shares to 7 billion. Everbright’s is China’s second-largest IPO this year, after Agricultural Bank of China (601288.SH, 1288.HK).