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China Everbright Bank has set the price range for its 20 billion yuan IPO. The price stands around 2.85 to 3.10 yuan per share. That's lower than expected, even after key investors including major state-owned firms pledged to buy the bulk of the shares.
This highlights lingering caution over the country's stock market. The bank says it plans to sell 6.1 billion A-shares, and could expand its IPO by 15 percent, to 7 billion shares through an overallotment option. Subscription will begin from August 10th.
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