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

Six cornerstones, including Malaysia’s Khazanah, have agreed to buy $280 million worth of shares in the offering, which looks set to become the second largest IPO in Hong Kong so far this year.

<div style="text-align: left;"> Galaxy Securities is the biggest securities brokerage in China </div>

Anette Jönsson

May 07, 2013

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.

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