China Everbright Bank picks strategic investors for IPO

SHANGHAI Aug 4 (Reuters) - China Everbright Bank said on Wednesday it has completed the selection of strategic investors for its potential $2.9 billion Shanghai initial public offering.

Thirty investors have committed to take up shares worth about 60 billion yuan ($8.86 billion) in the IPO, it said.

Everbright Bank, controlled by Central Huijin, a unit of China's $300 billion sovereign wealth fund, plans to sell 6.1 billion yuan-denominated A shares, and could expand its IPO by 15 percent to 7 billion shares through an overallotment.

Everbright Bank hopes to price the IPO at between 3 and 3.2 yuan apiece, two people familiar with the deal told Reuters on Monday.

($1=6.772 Yuan)

(Reporting by Soo Ai Peng; Editing by Jacqueline Wong)