PICC's IPO is biggest in HK in 2 years
By Feng Jianmin |
December 1, 2012, Saturday
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Print Edition
Print Edition
PEOPLE'S Insurance Co (Group) of China, the nation's biggest property insurer, has raised HK$24 billion (US$3.1 billion) in Hong Kong's largest initial public offering in two years.
Sources told Bloomberg News that the insurer has sold 6.9 billion shares at HK$3.48 apiece, near the bottom of its pricing range of between HK$3.42 and HK$4.03.
The IPO is Hong Kong's largest since AIA Group raised US$20.5 billion in October 2010.
Pan Tieshan, a strategist at Haitong Securities, said the insurer set a low price to boost its attractiveness to investors.
PICC's shares will debut in Hong Kong next Friday.
Sources told Bloomberg News that the insurer has sold 6.9 billion shares at HK$3.48 apiece, near the bottom of its pricing range of between HK$3.42 and HK$4.03.
The IPO is Hong Kong's largest since AIA Group raised US$20.5 billion in October 2010.
Pan Tieshan, a strategist at Haitong Securities, said the insurer set a low price to boost its attractiveness to investors.
PICC's shares will debut in Hong Kong next Friday.
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