Fri, August 06, 2010
Business > Economy

China Everbright Bank to kick off online IPO road show Monday

2010-08-06 12:59:16 GMT2010-08-06 20:59:16 (Beijing Time)  Xinhua English

China Everbright Bank, which plans to raise up to 20 billion yuan (2.95 billion U.S. dollars) in its initial public offering in Shanghai, said Friday it would launch an online road show next Monday to promote the issuing of its stock.

The mid-sized lender has yet to officially announce its IPO price range, but Friday's China Securities Journal cited a person familiar with the issuance as saying its IPO price was likely set at 3-3.3 yuan per share range.

Everbright plans to issue up to 6.1 billion shares in the IPO. And a green shoe option will boost the size of the offering by 15 percent to 7 billion shares.

Chinese banks have been rushing to raise funds this year, either through IPO or bonds and share sales, after the government requested lenders to increase their capital reserves after a lending binge last year.

Everbright is scheduled to be listed on the Shanghai Stock Exchange on Aug. 18.

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