Chinese city commercial lender Bank of Guizhou Co. Ltd. raised gross proceeds of HK$5.46 billion from its IPO of 2.2 billion shares on the Hong Kong stock exchange, The Nikkei reported, citing two persons familiar with the matter.

The IPO was priced at HK$2.48 apiece, the sources said. The bank's indicative range for the IPO was between HK$2.46 to HK$2.61 apiece. The bank has also given underwriters an overallotment option to purchase an additional 330 million shares.

The offering opened Dec. 16 and closed Dec. 19. The shares are expected to begin trading on the Hong Kong exchange on Dec. 30.

The bank plans to use proceeds from the IPO to replenish its capital.

ABCI Capital Ltd., CCB International Capital Ltd. and CLSA Capital Markets acted as joint sponsors for the IPO.