Shanghai, July 4: China's Bank of Nanjing and Bank of Ningbo, two city commercial lenders, said on Wednesday they are set to launch initial public offerings of domestic A-shares next week which analysts expect to raise a combined $1.8 billion.
Both Bank of Nanjing, partly owned by top French lender BNP Paribas , and Bank of Ningbo said in separate statements they would sell their shares to the public next Wednesday and Thursday.
Price ranges for the IPOs have yet to be set, they said.
Bank of Nanjing has said it planned to issue up to 700 million A shares, or 36.72 per cent of its enlarged capital after the IPO, for a listing on the Shanghai Stock Exchange.
Ningbo Bank, partly owned by Singapore's Oversea-Chinese Banking Corp. , has said it planned to float as much as 450 million A shares, or 18 per cent of its enlarged capital, for a listing on the Shenzhen Stock Exchange. It will be the first major IPO on the Shenzhen bourse since the early 2000s.