Galaxy Securities takes in US$1.07 billion from HK IPO

It’s one of Hong Kong’s largest deals since late 2012.

The IPO of China Galaxy Securities Company, China’s seventh largest brokerage, is seen as a positive sign for what was once the world's hub for IPOs. Hong Kong fell to fourth place in terms of listings in 2012 and dropped out of the top five this year. The city raised only US$1 billion via IPOs in the first quarter.

China Galaxy is scheduled to list on the Hong Kong Stock Exchange on May 22. Its IPO is one of the Hong Kong's largest since People's Insurance Co. (Group) of China Ltd. raised US$3.6 billion in November.

China Galaxy sold 1.57 billion shares at 5.30 Hong Kong dollars each. The sales price was in the middle of the company's indicative price range of HK$5.28 to HK$5.43, which had been revised from an initial guidance of HK$4.99 to HK$6.77.