Bank of Shanghai plans selling $175.66mln shares

Proceeds from the domestic IPO aimed to help fill up capital deficit of $5.12bln.

Bank of Shanghai Co., in which HSBC Holdings PLC and International Finance Corp. own stakes, said Friday it will sell up to 1.2 billion yuan- ($175.66mln) denominated A shares, or 31% of its enlarged share capital, in an initial public offering ahead of a Shanghai listing.

The long-anticipated fund-raising plan is subject to shareholder and regulatory approval.
The bank said in a statement the proceeds of the IPO would be its major source of funds to make up for a funding shortage. It said it faces a capital shortfall of more than CNY35 billion ($5.12 billion) between 2010 and 2012.

Bank of Shanghai was one of the first Chinese banks to take on foreign companies as investors to help improve its business, with the eventual aim of becoming a public company.

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