OREANDA-NEWS.On October 23, Bank St. Petersburg announced that its IPO range would be $4.35-5.65 per share, implying a post-money market cap of $1.23-1.60 bln, Alfa Bank's information department informs with reference to Bank St. Petersburg. The bank plans to place up to 50.8 mln new shares and unlisted GDRs equal to 18% of the its enlarged share capital. Bank St. Petersburg is the largest private bank in the region. It is mostly owned by the management (as is the Bank of Moscow) and is affiliated with the regional government of St. Petersburg. The bank has a high exposure to local enterprises, including municipal ones, and is likely to benefit from the region's rapid growth. The placement range implies a 2007 P/BV of 2.5x-2.8x and 2007 P/E of 19.8x-25.7x, which, according to the experts, is quite expensive. "The timing of the placement is also quite questionable, and we believe it suggests that the bank already has reached potential agreements with clients," the analysts conclude.