Bank of Nanjing and Bank of Ningbo aim to raise a total of 11.07 billion yuan by listing shares on mainland stock markets to broaden their capital bases. The banks will begin taking orders from institutional investors today. Their initial public offerings will be the first among mainland commercial city lenders with similar plans after shoring up their balance sheets and bringing in foreign investors. Bank of Dalian, which has secured Canada's Scotiabank as an investor, and Chongqing City Commercial Bank, which sold a stake to Hong Kong's Dah Sing Banking Group, also hope to go public later, sources said. Bank of Nanjing, of which BNP Paribas owns 19.2 per cent before listing, will sell 630 million A shares, 34.3 per cent of its enlarged share capital, at between 9.8 yuan and 11 yuan a share for a Shanghai listing The price range represents 30.69 to 34.45 times last year's earnings, the bank said in a statement filed with the Shanghai Stock Exchange. Bank of Ningbo, in which Singapore's Oversea-Chinese Banking Corp owns a 12.2 per cent stake, plans to offer 450 million A shares, 18 per cent of its enlarged share capital, at between eight yuan and 9.2 yuan each for a Shenzhen listing. The price range represents 31.65 to 36.39 times its 2006 earnings, the bank said. It will be the first lender to list on the Shenzhen exchange since Shenzhen Development Bank in 2004. Citic Securities is underwriting the share sale of Bank of Nanjing and Goldman Sachs Gao Hua Securities is arranging Bank of Ningbo's offering. The two banks expect to announce the final pricing and allotment results on July 16.