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.