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06-05-2013 08:49 WSJ Blog: Record Number of Banks in One Deal as HK's IPO Markket
Bankers started taking institutional orders Monday in the two biggest initial public offerings in the city so far this year, those of China Galaxy Securities Co. and Sinopec Engineering, which are expected to raise a total of US$3.6 billion. But in certain, smaller circles the most remarkable number of the day was likely 21--the record-setting number of banks involved in Galaxy's IPO.
Beijing-based Galaxy, China's No. 6 brokerage by revenue, has hired 21 underwriters to advise it on its IPO, which is expected to raise US$1.36 billion. That easily beat the previous record set by People's Insurance Co. (Group) of China Ltd., which hired 17 banks for its US$3.6 billion IPO in December. By comparison, in China's biggest-ever IPO Agricultural Bank of China Ltd.'s US$22.1 billion offering in July 2010, 10 bankers were involved in the deal.
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