China Galaxy Securities Co Ltd has announced the indicative price range for its US$1.1 billion initial public offer of shares of stock, according to IFR last Tuesday. The Thomson Reuters publication cited sources familiar with the deal in its report, but did not name them as the discussions were private.
The company's new price range is between HK$5.28 and HK$5.43 per share. Previously, the price range of the shares was set between HK$4.99 and HK$6.77 per share.
The state backed firm is offering a volume of 1.5 billion new shares in a primary offering while its majority shareholder Galaxy Financial Holdings would be selling off 67.7 million of its own shares.
The narrower pricing range would provide the IPO a value of nearly HK$8.51 billion or US$1.1 billion compared to about US$1.4 billion in the original price range. The final pricing of the shares would be determined upon close of the books on Wednesday.
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