HONG KONG: State-owned Postal Savings Bank of China (PSBC), the country's largest bank by number of branches, has filed for a Hong Kong IPO seeking to raise up to $10 billion, IFR reported on Thursday.

The filing of the preliminary initial public offering (IPO) prospectus sets in motion what is set to be the world's biggest new listing in about two years and would value the bank at about $150 billion, the report said.

The listing could happen as early as September, IFR, a Thomson Reuters publication IFR, said, citing sources close to the deal.

The IPO is targeting to raise between $7 billion and $10 billion, the report said. A spokeswoman for PSBC, declined an immediate comment on the filing.

If the IPO hits its target, it would be the biggest market debut since Chinese e-commerce giant Alibaba Group Holding's record $25-billion listing in September 2014.

Copyright Reuters, 2016