Business

Chinese bank Everbright eyes $3.2bn flotation

Branch of China Everbright bank in Shanghai
Image caption China Everbright is the latest Chinese retail bank to list on the stock market

China Everbright Bank has said it hopes to raise up to 21.7 bin yuan ($3.2bn; £2bn) in a stock market flotation.

The initial public offering (IPO) would be mainland China's second-largest this year.

Last month, Agricultural Bank of China raised an estimated $19bn in a dual listing in Shanghai and Hong Kong .

Everbright, a medium-sized lender, said there was strong demand for its shares, with the allocation for institutional investors oversubscribed by 17 times.

Its final IPO price will be confirmed on Wednesday but is set to be between 2.85 yuan and 3.10 yuan per share, according to documents filed with the Shanghai stock exchange.

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