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China Merchants Securities raises HK$10.7B in Hong Kong IPO

has raised HK$10.70 billion (US$1.38 billion) in a Hong KongIPO after fixing the final price at HK$12 per share, below the midpoint of theindicative price range.

The finalprice represents 1.14x the company's estimated 2016 book value. A total of 11cornerstone investors took up about 60% of the share sale, according to a bookmessage and a term sheet seen by S&P Global Market Intelligence.

Thecompany was looking to raise up to HK$11.39 billion by selling 891,273,800shares at an indicative price range of HK$11.54 to HK$12.78 each.

Listingis scheduled to take place Oct. 7.