Everbright is aiming for a nearly $3 billion listing on the Shanghai Stock Exchange on August 18, with a little more than half of the listed shares available to institutional investors and most of the rest allocated to strategic investors. The strategic investor portion of the IPO, which could China's second-biggest this year, was nearly seven-times oversubscribed. The bank has set an undemanding price range of 3.0-3.3 yuan ($0.44-0.49) per share for the listing to whet investor appetite, a source said on Friday. Everbright did not comment directly on its target price range, which will be announced late on Sunday. "In researching the IPO pricing, we will look to offer a discount on the basis of other comparable banks' values, according to appropriate pricing and market principles, in order to ensure that investors can share in the investment value of Everbright Bank," Chairman Tang Shuangning said
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