Money

China Everbright seeks 3-3.3 yuan IPO price range

(Agencies)
Updated: 2010-08-06 11:07

China Everbright Bank, which is looking to raise roughly $3 billion in an initial public offering (IPO) in Shanghai, will submit a price range of 3.0-3.3 yuan per share (44 cents - 49 cents) to the securities regulator for approval, a person with direct knowledge of the fundraising said on Friday.

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The China Securities Journal reported earlier on Friday that Everbright Bank was hoping to set such a price range, and said that would represent 1.54 to 1.7 times Everbright's forecast 2010 book value.