Stock of the Industrial Bank, China's tenth largest commercial bank, opened at 24.80 yuan (3.10 U.S. dollars) per share Monday morning on its debut on the Shanghai Stock Exchange.

The opening price was 55.19 percent higher than its initial public offering (IPO) price of 15.98 yuan per share, but lower than the market expectation of 30 yuan.

The company has been approved by the Securities Regulatory Commission to issue 1.001 billion Renminbi-denominated A-shares on the Shanghai bourse, which means the bank can raise nearly 16 billion yuan.