Nanhua Futures Prices Hong Kong IPO Below Maximum Target

MT Newswires Live12-19 11:49

Nanhua Futures (HKG:2691, SHA:603093) priced its initial public offering in Hong Kong at HK$12 per share, below its guidance of as much as HK$16, according to a bourse filing Thursday.

The futures brokerage is offering 107.7 million H-shares, with allocation results due Dec. 19, ahead of the firm's planned trading debut on Dec. 22.

Net proceeds are earmarked to strengthen the capital base of the group's overseas subsidiaries in Hong Kong, the U.K., the U.S., and Singapore.

Funds will support expansion in Asia and North America, compliance and membership needs in the U.K. and Europe, system upgrades, team expansion, and the establishment of a Malaysian subsidiary, with the remainder going to working capital.

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