THE Bank of Beijing said yesterday it will open subscriptions to retail investors next Tuesday on its total 1.2 billion A shares yuan-backed initial public offering in Shanghai.
The city commercial lender will sell up to 840 million shares, or 70 percent of the offering, to retail investors. The remaining 360 million shares, or 30 percent of the offering, will be sold to institutional investors, the Beijing-based bank said in a statement to the Shanghai Stock Exchange yesterday.
Institutional investors can subscribe to the shares during a two-day period ending on September 11.
The bank will announce the price range next Monday and post the final price next Wednesday.
"The bank is among the top 15 players of the country's 110-plus city commercial banks," said Qiu Zhicheng, a Haitong Securities Co analyst.
The bank can also ride on the Olympic Games to sell at a good price due to its Beijing location, he added.
The bank said in the prospectus yesterday that it will conduct an H-share IPO in Hong Kong at an appropriate time after completing the A-share sale, without giving a timetable or sale scale.
The H-share sales plan needs approval from a shareholders' meeting.
The lender gained approval from the China Securities Regulatory Commission for the share sale at the end of August. The listed shareholders of the lender, such as Tongfang Co and UFSoft Co, surged on the bank's first announcement for going public.
CITIC Securities Co and its affiliate, China Securities Co, are the lead underwriters for Bank of Beijing's A-share listing.
Its two domestic rivals - Bank of Ningbo and Bank of Nanjing - became China's first two listed city banks early last month.