Money

Everbright Bank to list in Shanghai on Aug 18

(Agencies)
Updated: 2010-07-29 10:38

China Everbright Bank will list on the Shanghai stock exchange on Aug 18, and will soon release its prospectus for an IPO slated to raise up to $2.9 billion, the Shanghai Securities News reported on Thursday.

The China Securities Regulatory Commission said late on Monday it had approved the IPO.

Everbright Bank's IPO follows Agricultural Bank of China's mammoth $19 billion dual-listing earlier in July which had prompted a tight liquidity squeeze in Shanghai A shares.

Analysts say that upcoming IPOs including Everbright Bank's are unlikely to have a great impact on the stock market, which has rallied strongly in recent sessions as liquidity has sizably improved and investors eye reasonable valuations.