By Jacob Gronholt-Pedersen and Teis Jensen

COPENHAGEN, May 31 (Reuters) - Iceland's Arion Bank on Thursday set the price range for its stock market listing in Reykjavik and Stockholm at between 68 and 79 Icelandic crowns per share, potentially valuing the bank at up to 143 billion crowns.

The share sale will represent at least 25 percent of Arion Bank's total shares outstanding plus an additional over-allotment option by existing shareholders Kaupthing and Trinity Investments, the bookrunner on the deal said.

Full exercise of the over-allotment option would result in a minimum offer volume between 35.4 billion and 41.1 billion Icelandic crowns ($336.79 million-$391.02 million), the bookrunner also said.

As part of the initial public offering (IPO), Kaupthing, which owns a 55.57 percent stake, and Trinity Investments, which owns 12.44 percent, would list at least 452.5 million ordinary shares.

Kaupthing - a list of businesses in botswana high school major international bank prior to the Icelandic financial system's meltdown - went into administration in 2008 and its domestic operations were separated and renamed Arion Bank in 2009.

London-based funds Lansdowne and Miton have committed to subscribe $38 million and $22.5 million, respectively, the bookrunner said.

The offer period is expected to run from May 31 to June 13 for retail investors in Iceland and Sweden, and end on June 14 for institutional investors.

The first day of trading is set for June 15, the bookrunner said.

Arion Bank Investment Banking, Carnegie, Citigroup and Morgan Stanley are acting as joint global coordinators, while Deutsche Bank and Goldman Sachs International will be acting as joint bookrunners in relation to the IPO. ($1 = 105.1100 Icelandic Crowns) (Editing by Edmund Blair and Jane Merriman)

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