China Galaxy gets HK exchange nod for up to $1.5 bln IPO -IFR
HONG KONG, April 11
HONG KONG, April 11 (Reuters) - Brokerage China Galaxy Securities has received approval from the Hong Kong stock exchange for its initial public offering of up to $1.5 billion, IFR reported, citing sources with direct knowledge of the plans.
The company, the country's seventh-largest brokerage, has no plans to start gauging investor demand for the IPO right away and plans to start pre-marketing the deal on April 22, added IFR, a Thomson Reuters publication.
China Galaxy added 13 banks last month to the group helping arrange the planned IPO, putting the total number of banks in the deal at 16, near the record 17 hired by People's Insurance Company (Group) of China for its $3.5 billion IPO in December.