China Galaxy narrows price range on up to US$1.1 billion IPO: IFR

State-owned China Galaxy Securities Co Ltd narrowed the indicative price range on its up to US$1.1 billion initial public offering, IFR reported on Tuesday, citing sources familiar with the deal.

The company changed the range to HK$5.28-5.43 per share, added IFR, a Thomson Reuters publication. The company launched the deal on May 6, with an indicative range of HK$4.99 to HK$6.77 per share.

China Galaxy Securities is offering 1.5 billion new shares in a primary offering, while its controlling shareholder, Galaxy Financial Holdings, is selling 67.7 million existing shares.

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