Nanjing-based law firm C&T Partners has scored a key advisory role in Bank of Jiangsu’s planned Shanghai IPO that could raise up to $6.44 billion.

According to the Securities Times newspaper, the IPO is likely to be priced at 15.39 yuan a share or 23 times earnings.

A C&T team led by Nanjing based partners Xu Chengbao and Xu Beibei is advising the issuer. BOC International (China) is the IPO sponsor, which did not turn to external legal counsel.

The IPO is seen as a sign that China is reopening its A-share IPO market to urban and rural commercial banks.

Once listed, the bank would be the first Chinese municipal lender to go public on a mainland stock exchange since 2007, when Bank of Beijing, Bank of Nanjing and Bank of Ningbo listed in Shanghai.