Anchor investors support broker’s IPO
Print Edition
ORIENT Securities has secured the backing of 10 cornerstone investors for its HK$8.95 billion (US$1.15 billion) initial public offering in Hong Kong.
The brokerage plans to offer 957 million shares at HK$7.85 to HK$9.35 per share, potentially raising the IPO up to HK$8.95 billion.
The cornerstone investors, who are institutional investors committed to holding the shares for at least six months, have agreed to buy the shares at the midpoint of the indicative range. They will buy US$474 million of the shares, or 50 percent of the deal, said a report by IFR, a Thomson Reuters publication, citing a term sheet of the transaction.
Bocom International Holdings Co has committed to buying US$99 million of the IPO, while China Eastern Airlines Corp and Shanghai Electric Group Co will each invest US$30 million in the offering.
Orient Securities, the first mainland brokerage to float an IPO in the Hong Kong market this year, will use the proceeds to expand its global presence and businesses including wealth management.
Its Shanghai-listed shares fell 1.3 percent to 16.67 yuan (US$2.53) yesterday, adding to a 28 percent drop this year.
Other mainland brokerages lining up to raise funds in Hong Kong include Everbright Securities Co, Ping An Securities Co, and China Securities Co.
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