Bank of Georgia, the former Soviet republic's second biggest bank, has priced its initial public offering above its indicative range, and has set it sights on raising $160m (€124m), 3% higher than its original target.

The bank priced 6.6 billion primary shares and 1.1 billion global depositary receipts at $18 per share, after an original price range of $15 to $17.50 per share.