China CITIC Bank has announced an initial public offering (IPO) price range of 5.0-5.8 yuan on the mainland and 5.06-5.86 yuan in Hong Kong, the company announced on Monday.

CITIC, the nation's seventh-largest commercial bank, which is scheduled to list on April 27, is expected to raise up to 42 billion yuan.

CITIC is trying to narrow the price gap between Shanghai and Hong Kong by narrowing the indicative price range, said Kong Dan, president of the bank.

The earlier indicative price range for the H-shares was 4.70-6.10 yuan in Hong Kong and 4.66-6.10 yuan in Shanghai.

Its IPO will be launched on Monday and will close on Thursday, with the final price expected to be announced on Friday.

The bank is reported to be issuing 2.3 billion A-shares in Shanghai, six per cent of the total capital, and 5 billion H-shares in Hong Kong, 12.76 per cent.

CITIC Bank will become the second lender, after Industrial and Commercial Bank of China last year, to list simultaneously in Shanghai and Hong Kong.

Source: Xinhua