Bank of Jiangsu is set next week launch its long-awaited A-share initial public offering, which is likely to be mainland China's largest flotation so far this year and the first in Shanghai by a city commercial lender since 2007.
After cutting the size of its planned offering in keeping with regulator efforts to maintain market stability, the Nanjing-based bank now intends to raise about Rmb7.24 billion $1.08 billion by issuing about 1.15 billion new shares, or up to 10% of its enlarged stock capital, one equity capital markets banker familiar with the matter said on Tuesday.
The amount of capital targeted by the Chinese...
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