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

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 the base deal size amounting to between HK$7.82 billion and HK$10.61 billion $1 billion to $1.37 billion, and the bottom end of the price range set at a discount of close to...