Everbright Securities gets IPO green light

Everbright Securities Co, China's 11th largest brokerage by assets, has got final approval for an initial public offering (IPO) in Shanghai, the first brokerage to raise capital since CITIC Securities in 2002.

The company plans to sell around 520 million shares, or 15.21 percent of its enlarged outstanding capital, on August 4, according to a filing to the Shanghai Stock Exchange.

The brokerage said it would start the price query process from today. Industry experts estimated the company's new shares to be priced between 15 to 20 yuan. At this price range, the amount of capital raised would be around 10.4 billion yuan.