HTSC takes $4.5b HK IPO on the road

Huatai Securities has enlisted 13 cornerstone investors including Tencent Chairman Pony Ma to subscribe to $1.9 billion worth of shares.

Huatai Securities begins the roadshow for its initial public offering in Hong Kong today, looking to raise up to HK$34.7 billion $4.48 billion on a wave of favourable market sentiment toward Chinese brokerages.

The IPO could be the largest listing in Asia so far this year, exceeding its peer GF Securities’ $3.6 billion offering pre-greenshoe in April.

The broker is selling around 1.4 billion new shares or 20% of its total share capital at a price range of HK$20.68 to HK$24.80. A 15% greenshoe could enlarge the deal size to $5.15 billion.

The price range for Huatai, also referred to as...

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