GF Securities starts roadshow for $3.6b HK IPO

18 cornerstone investors have subscribed to $1.87 billion shares, representing more than 50% of the deal.

GF Securities starts roadshow Monday for its initial public offering in Hong Kong to raise up to $3.6 billion, the largest listing in Asia so far this year.

China’s fourth-largest broker by assets is selling around 1.48 billion primary shares at a price range of HK$15.65 to HK$18.85. There is a 15% greenshoe with the offering, which could enlarge the deal size even bigger to $4.1 billion.

The price range translates to a 2015 forecast price-to-book of 1.4 to 1.6 for GF. This means the broker is selling the H-shares at a discount of 62% to 67% to its A-shares, based on the A-shares’...

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