Malaysian-based brokerage OSK Asia has priced its shares for a main board listing at a price-to-earnings ratio of 9.3.
The price is based on the profit of HK$28.1 million in the year to December 31 and the 125 million new shares - or 25 per cent of the enlarged shares - which will be offered in the listing.
The price is much higher than those of two other brokerages which listed this month. Karl Thomson priced its floatation at 5.3 times, while SW Kingsway Capital listed at 5.88 times.
In spite of the higher price, OSK managing director Stephen Hui Chiu-chung said investors would receive an interim dividend of 2.5 HK cents per share, because of the boom in the company's earnings this financial year.
In the year, the firm cashed in about HK$28 million from disposals of its Hong Kong Exchanges and Clearing shares received from the March merger of the stock exchange and the futures exchange, Mr Hui said.
Subscription of shares will begin today and close on Friday. Dealing starts on September 28.
