China Everbright Bank to Sell Shares at 2.85-3.10 Yuan

»China Everbright Bank said Sunday it had set the issue price of its Shanghai initial public offering at 2.85-3.10 yuan per share and expected to raise up to 21.7 billion ($3.21 billion) including the overallotment option.

»The indicative price range is lower compared with the widely expected 2.95 yuan per share.

»Everbright Bank plans to sell up to 6.1 billion yuan-denominated A shares in the IPO. It could raise the size of the offering by exercising the overallotment option to 7 billion shares.