Broker launches IPO | Shanghai Daily

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Broker launches IPO

CHINA Merchants Securities Co will launch an initial public offering in Shanghai to raise about 10 billion yuan (US$1.46 billion) to replenish operational capital.
The country's eighth-largest brokerage plans to sell 358.55 million shares, or 10 percent of its expanded capital after the IPO, according to its prospectus on the Shanghai Stock Exchange late today.
It will use the proceeds to replenish operational capital, such as expanding asset management, investment banking, private equity investment and proprietary sectors.
The Shenzhen-based broker conducted a roadshow today and will start consulting investors on the offer price tomorrow. It will receive subscriptions from institutional investors on November 9 and retail investors on November 10, according to the prospectus.
China Securities got approval from the China Securities Regulatory Commission last year, but the slumping stock market made the regulator suspend new share sales until June.



 

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