CSC Financial's Hong Kong IPO seeks as much as $1.06b

CSC Financial Co, the Beijing-based brokerage and investment bank, and an existing shareholder are seeking as much as $1.06 billion in a Hong Kong initial public offering.

The company, formerly known as China Securities Finance Co, and one of its shareholders, the National Social Security Fund, are offering a combined 1.13 billion shares at HK$6.36 (82 cents) to HK$7.26 apiece, according to terms for the deal obtained on Monday.

Cornerstone investors will buy about $597 million of stock, representing 60 percent of the base deal size, assuming the IPO price is at the midpoint of the marketed range, the terms show.