Citic Scurities’ $ 1.7 Billion

HONG KONGCitic Securities Co Ltd China's largest publicly traded brokerage raise $1.7 billion in a Hong Kong , and has priced the deal at the bottom of a revised range.

The deal would be the biggest stock offering to hit Hong Kong's equity market, since the $2.5 billion initial public offering by luxury goods maker Prada in June.

Share sales have virtually ground to a halt the past two months because of volatile market condition, with nearly $4.5 billion in deals last week alone being delayed from companies including Sany Heavy Industry and rival XCMG Construction Machinery Co Ltd.

Citic Securities has enough commitments from cornerstone and anchor investors to fully cover the deal sources said previously easing concerns it could be derailed because of growing market volatility.

Underwriters on the offering recommended the company price the shares at HK$13.30 each, but a final decision needs to be approved by the head office of Citic Securities. The company offered 995.3 million shares, putting the total deal at HK$13.24 billion; The pricing recommendation matches the lower end of a revised range of HK$13.30 - HK$15.20 a share.

Citic Securities is the sole global coordinator of the offering with a group of banks including BOC International, CCB International, Bank of America Merrill Lynch and Credit Agricole's CLSA unit helping to underwrite the deal.