Soochow Securities rises 24 pct on Shanghai debut
SHANGHAI Dec 12 (Reuters) - Shares of mid-sized Chinese brokerage Soochow Securities Co Ltd opened 24 percent higher on its Shanghai debut on Monday, after it raised 3.25 billion yuan ($511 million) through an initial public offering.
The securities firm sold 500 million shares at 6.5 yuan a share, at the top of its indicative price range. It is equivalent to 16.9 times the company's 2010 earnings.
The shares traded at 8.06 yuan while the broader Shanghai composite index was down 0.13 percent.
Soochow Securities, based in the eastern city of Suzhou, was ranked China's No.28 brokerage firm last year with an asset base of 18.7 billion yuan ($2.9 billion), industry data showed.
Citic Securities is the underwriter for the offering. (Reporting by Samuel Shen and Kazunori Takada; Editing by Jacqueline Wong)
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