China Galaxy narrows price range on up to $1.1 billion IPO: IFR
HONG KONG (Reuters) - State-owned China Galaxy Securities Co Ltd (6881.HK) narrowed the indicative price range on its up to $1.1 billion initial public offering, IFR reported on Tuesday, citing sources familiar with the deal.
The company changed the range to HK$5.28-5.43 per share, added IFR, a Thomson Reuters publication. The company launched the deal on May 6, with an indicative range of HK$4.99 to HK$6.77 per share.
China Galaxy Securities is offering 1.5 billion new shares in a primary offering, while its controlling shareholder, Galaxy Financial Holdings, is selling 67.7 million existing shares.
At the narrower range, the IPO will be worth as much as HK$8.51 billion ($1.1 billion), compared with up to $1.4 billion in the broader range. The final pricing will be determined after books are closed on Wednesday.
($1 = 7.7612 Hong Kong dollars)
(Reporting by Jing Song and Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Matt Driskill)
WASHINGTON - U.S. job growth accelerated sharply in February despite the icy weather that gripped much of the nation, easing fears of an abrupt economic slowdown and keeping the Federal Reserve on track to continue reducing its monetary stimulus. | Video
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.