Deals
Galaxy Securities Said to Raise $1.1 Billion in Share Sale
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China Galaxy Securities Co., a brokerage controlled by the country’s sovereign wealth fund, raised about $1.1 billion in an initial public offering in Hong Kong, two people with knowledge of the matter said.
The company, based in Beijing, sold 1.57 billion shares at HK$5.30 apiece, the people said, asking not to be identified because the information is private. The final price values Galaxy Securities at about 1.3 times estimated end-2013 book value, one of the people said.