HONG KONG May 5 China Galaxy Securities plans
to raise up to $1.3 billion in a Hong Kong initial public
offering, IFR reported on Sunday.
China Galaxy Securities, whose larger rivals include Citic
Securities and Haitong Securities
, is offering about 1.5 billion shares at an
indicative range of HK$4.99 to HK$6.77 each, added IFR, a
Thomson Reuters publication. The range is equivalent to a
price-to-book ratio of 1.19 to 1.49 times.
China Galaxy International, Goldman Sachs and
JPMorgan are acting as sponsors of the deal, with a
group of 13 other banks also helping to arrange it. The number
of banks on the IPO puts it near the record 17 hired by PICC for
its listing last year.