China regulator to consider Everbright Sec IPO

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SHANGHAI, June 27 (Reuters) - China's securities regulator will consider next week an application by Everbright Securities, one of the country's 10 biggest brokerages, to conduct a Shanghai IPO that could raise over 10 billion yuan ($1.5 billion).

The China Securities Regulatory Commission will meet next Monday to examine Everbright Securities' plan to issue as many as 520 million new A shares, the commission said in a statement carried by major business newspapers on Friday.

The official Securities Times estimated the initial public offer would be priced at 20 yuan per share or above.

The offer of up to 15.2 percent of the brokerage's expanded share capital would make Everbright Securities only the second Chinese brokerage to list on the domestic stock market through an IPO. The first such listing, of CITIC Securities (600030.SS), occurred in 2003.

Several other securities firms have obtained listings via mergers, while several more are believed to be preparing IPOs.

The regulator usually approves IPO applications at its formal screenings and offers are commonly launched within two or three weeks of approval, although recent weakness in the stock market has delayed a big IPO by China State Construction Engineering Corp, that was approved early this month.

Everbright Securities, part of the state-run China Everbright financial conglomerate, posted a net profit of 4.69 billion yuan ($684 million) last year, according to its preliminary prospectus.

Another group company, China Everbright Bank, has also been preparing a Shanghai IPO. Its chairman said last month that the offer might take place after the Beijing Olympics in August. ($1 = 6.86 yuan) (Reporting by Andrew Torchia; Editing by Keiron Henderson)