China Everbright Bank Co will raise up to 18.9 billion yuan (US$2.8 billion) in the second-largest initial public offering this year in China.

The bank finalized its offer price at 3.10 yuan, at the top of its price range of 2.85 yuan to 3.10 yuan apiece, the bank said in a statement to the Shanghai Stock Exchange yesterday.

The bank will sell as many as 6.1 billion shares in Shanghai before exercising an over-allotment option. It can expand the sale to as many as 7 billion shares, or 21.7 billion yuan, after the over-allotment.

The IPO, to be launched next Wednesday, will be the second-largest in China this year, following the 59.6 billion yuan IPO of the Agricultural Bank of China, the country's biggest bank in terms of network, in July.