Bank of Jiangsu set for landmark IPO

The Chinese provincial commercial lender looks set to become the country's first small- to mid-sized bank in eight years to go public in Shanghai.

Bank of Jiangsu, a Chinese provincial commercial lender, looks set to become the country's first small-to-medium-sized Chinese bank in eight years to go public in Shanghai.

The Nanjing-based bank plans to issue up to 2.6 billion shares, or up to 20% of its enlarged stock capital, according to an updated preliminary prospectus filed with the Chinese regulator on Friday.

Two equity analysts and one portfolio manager told FinanceAsia the bank could raise up to more than Rmb10 billion $1.61 billion from the offering. That is based on the Rmb0.83 earnings per share posted by Bank of Jiangsu in 2014 ex non recurrent income and loss deductions...

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