A planned Shanghai listing of Guotai Junan Securities, China’s third largest brokerage by assets, is expected to herald the IPOs of more securities houses in mainland China.
Guotai Junan could raise Rmb15 billion-Rmb20 billion $2.5 billion-$3.3 billion through the IPO if market conditions permit, according to a source close to the issuer.
The deal is still at an early stage and is likely to happen by year-end, with more than 100 companies that have already gone through part of the application process still waiting for approvals, said the source.
Guotai Junan plans to issue 1.525 billion new A-shares or 20% of its share...
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