Galaxy Securities prices IPO at low end to raise $1.1 billion

Retail investors take 30% of the base deal, prompting a squeeze in the institutional order book even though the Chinese brokerage comes at a relatively tight discount to Haitong Securities.
Photo: ImagineChina
Photo: ImagineChina
May 16, 2013

China Galaxy Securities has raised HK$8.31 billion ($1.1 billion) ahead of its Hong Kong listing next week, after pricing its initial public offering at HK$5.30 per share.

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