China Galaxy Securities has added 13 banks to the group helping arrange a planned initial public offering of up to $1.5 billion in Hong Kong, IFR reported Tuesday, citing sources with direct knowledge of the plans.
The new mandates come in addition to those by China Galaxy International, Goldman Sachs and JPMorgan - which had previously been hired to manage the transaction - putting the total number of banks in the deal at 16, reported IFR, a Thomson Reuters publication. The deal is expected to be completed in May.
China Galaxy, the country's seventh largest brokerage, added Bank of America Merrill Lynch, Credit Suisse, Citigroup, ABC International and BoCom International to the new roster, among others.
That would put the number of underwriters near the record 17 hired by People's Insurance Company (Group) of China for its $3.5 billion IPO in December.
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