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.

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.