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FirstCaribbean International Bank Ltd is set to raise up to $240 million in its initial public offering in the United States, the company’s filing showed on Tuesday.

The bank’s IPO of 9.6 million shares is expected to be priced between $22 and $25, giving it a market capitalization of $1.31 billion at the top end of the range.

Parent company Canadian Imperial Bank of Commerce had targeted a valuation of 10 times earnings for the potential listing, which would have valued the company at about $1.4 billion, Reuters had reported in January.

Also, an earlier Reuters report had said that CIBC, which holds a 91.7 percent stake in the bank, was considering listing 20 percent of the business and was planning to subsequently sell more shares.

FirstCaribbean - whose biggest market is Barbados, with operations also in the Bahamas and Cayman Islands - is expected to trade under the ticker symbol “FCI” on the New York Stock Exchange.

Shares of Warrens, Barbados-based bank are currently listed on the Barbados Stock Exchange and Trinidad and Tobago Stock Exchange under the same symbol.

The bank’s total interest income rose 2.7 percent to $424.9 million in 2017, according to its regulatory filing with the Securities and Exchange Commission.

However, net income dropped to $124 million in 2017 from $156.8 million a year earlier.

Barclays, UBS Investment Bank, CIBC Capital Markets are the lead underwriters of the IPO.

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