Two urban commercial banks in China plan to issue IPO

The Bank of Nanjing Co. and Bank of Ningbo Co. plan to raise a combined 11.07 billion Yuan ($1.46 billion) through initial public offerings, the first batch of urban commercial Chinese banks to list in local stock exchanges.

The Bank of Nanjing announced that it will issue 630 million A shares with the guidance price interval 9.80-11.00 yuan. BNP Paribas SA holds 19.2 percent of the bank's shares. The IPO of Bank of Nanjing will raise up to 6.93 billion Yuan ($916 million) according to the prospectus released earlier and will list in Shanghai stock exchange.

Bank of Ningbo plans to issue 450 million A shares with the guidance price interval of 8.00-9.20 Yuan. Singapore's Oversea-Chinese Bank Corp. holds 12.2 of that bank's shares. The IPO will raise up to 4.14 billion ($547 billion). This bank will list in Shenzhen stock exchange.

Both banks said the final price of the share offering will be released next Monday.

Investment China