Galaxy Securities enlists 21 banks to raise up to $1.37 billion

Six cornerstones, including Malaysia’s Khazanah, have agreed to buy $280 million worth of shares in the offering, which looks set to become the second largest IPO in Hong Kong so far this year.

Galaxy Securities enlists 21 banks to raise up to $1.37 billion
Galaxy Securities is the biggest securities brokerage in China

A couple of things stood out when China Galaxy Securities started the management roadshow and opened the order books for its Hong Kong IPO yesterday The issuer has decided to add another five banks to the bookrunner line-up at the last minute for a staggering total of 21 and the cornerstone tranche accounts for just 20% to 28% of the total deal size.

The rest of the terms were largely in line with expectations, with...

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