Subscriptions to China Everbright Bank's IPO have commenced. The online subscription price is set at 3.1 yuan. That's at the upper limit of the price range for the bank's 20 billion yuan IPO.

Some brokers say the price is at a relatively high level compared to six other IPOs this week on the Growth Enterprise Board. Everbright Bank has set the price range for its IPO at around 2.85 to 3.10 yuan per share. That's generally in line with market expectations.

Analysts expect the bank's shares will rise between 5 to 10 percent after its listing. The bank says it plans to sell 6.1 billion A-shares, and could expand to 7 billion shares through an over-allotment option.