Bank of Nanjing, in which BNP Paribas holds a 19.2 percent stake, said it has set the price range for its initial public offering (IPO) in Shanghai at 9.8-11 yuan (US$1.29-1.45) per share.

That translates to a price-to-earnings ratio of between 30.69 and 34.45 times the company's diluted earnings for 2006, the company said in a statement filed with the Shanghai Stock Exchange.

The bank, in which the IFC also holds a 5 percent stake, said it plans to issue 630 million A-shares, representing 34.3 percent of its enlarged share capital. The issue volume was down from previous plans of up to 700 million shares.

Up to 189 million A-shares, or 30 percent, will be sold to institutional investors, and the remainder to retail buyers.

China CITIC Securities will be the main underwriter for the float.