Huatai Eyes IPO To Fund Innovative Business
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Huatai Securities Co plans to issue 785 million shares in its initial public offering in Shanghai this week to fund its development of innovative business and replenish working capital.
The Jiangsu-based brokerage started a road show for its IPO yesterday and will begin receiving subscriptions from next Monday, it said in a prospectus to the Shanghai Stock Exchange yesterday.
The IPO, accounting for 14 percent of its expanded capital, will help the brokerage increase investments in innovative business, such as margin trading and short selling, to seek new revenue sources. Huatai will reveal a price range on Friday, and analysts estimate it will raise at least 10 billion yuan (US$1.47 billion) from the share sale.
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