China Galaxy narrows price range on up to $1.1 billion IPO: IFR

HONG KONG Tue May 14, 2013 12:52am EDT

A man walks past a backdrop to China Galaxy Securities' investor presentation for their global offering in Hong Kong May 7, 2013. REUTERS/Bobby Yip

A man walks past a backdrop to China Galaxy Securities' investor presentation for their global offering in Hong Kong May 7, 2013.

Credit: Reuters/Bobby Yip

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)

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