Lender sets a target of 15b yuan

Bank of Beijing said yesterday it will raise as much as 15 billion yuan in a Shanghai initial public offering (IPO).

The bank will sell 1.2 billion shares at 11.5 yuan to 12.5 yuan each, it said in a statement to the Shanghai Stock Exchange.

The lender said in the statement its equity issue will account for 19.27 percent of its enlarged stock base after it lists in Shanghai. Its stock was valued at 1.96 yuan per share before the listing and its assets totaled 263.98 billion yuan.