China broker to raise US$4.8b in the country's biggest IPO since 2010

Beijing

GUOTAI Junan Securities Co, China's largest brokerage by revenue, is capitalising on a world-beating stock rally by seeking US$4.8 billion in the nation's biggest domestic initial share sale since 2010.

Guotai Junan will sell shares at 19.71 yuan each, the firm told Shanghai's stock exchange late on Tuesday. The initial public offering (IPO) will give it a market capitalisation of 150 billion yuan (S$32.6 billion), ranking it ninth among Chinese securities firms by that measure with a price-to-earnings ratio that is about half the industry average.