May 12, 2017 / 10:09 AM / 6 months ago

BOCOM International prices HK IPO near bottom, raising $230 mln

HONG KONG, May 12 (Reuters) - BOCOM International Holdings Company Ltd, the Hong Kong investment banking arm of China’s fifth-biggest bank, priced on Friday its Hong Kong initial public offering (IPO) near the bottom of expectations, raising $230 million.

The company, a unit of Bank of Communications Co Ltd (BoCom) , priced the 667 million shares on offer at HK$2.68 each, after marketing the deal in an indicative range of HK$2.60 to HK$3.10 per share, BoCom said in a securities filing.

That would put the total deal at HK$1.79 billion ($230 million).

The company plans to use the IPO funds to expand its margin finance business, asset management and proprietary trading, according to the IPO prospectus. ($1 = 7.7922 Hong Kong dollars) (Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman)

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