Underwriters shut AIA share sale in HK
By Denny Thomas and Kennix Chim |
October 19, 2010, Tuesday
|
Print Edition
Print Edition
HEAVY demand for AIA Group Ltd's up to US$20.5 billion share sale in Hong Kong prompted underwriters to shut the offer to funds two days ahead of schedule, sources said yesterday.
The strong interest from traditional funds and high-profile Chinese investors in the sale of the unit of American International Group Inc comes amid a flood of Asian IPOs that have cemented the region's dominance in initial public offerings this year.
AIA's books will close today, US time, as the underwriters and executives wrap up meetings with institutional investors in Chicago, Boston and New York, three sources with direct knowledge of the matter told Reuters.
China Investment Corp, the country's US$300 billion sovereign wealth fund, and Chinese corporations such as China Life Insurance Co, are among the investors queuing for the offer, they added.
One source said CIC was interested in buying up to US$200 million worth of shares in AIA.
CIC could not be reached for a comment. AIA declined to comment.
Investors seeking better yields and cashed-up domestic institutions have piled on big Asian share deals this year, seeking to tap the region's resilient economic growth.
Robust foreign fund inflows have also fueled a strong rally in the region's stock markets, driving many to multi-year highs, encouraging issuers from India to Malaysia to launch record deals.
The strong interest from traditional funds and high-profile Chinese investors in the sale of the unit of American International Group Inc comes amid a flood of Asian IPOs that have cemented the region's dominance in initial public offerings this year.
AIA's books will close today, US time, as the underwriters and executives wrap up meetings with institutional investors in Chicago, Boston and New York, three sources with direct knowledge of the matter told Reuters.
China Investment Corp, the country's US$300 billion sovereign wealth fund, and Chinese corporations such as China Life Insurance Co, are among the investors queuing for the offer, they added.
One source said CIC was interested in buying up to US$200 million worth of shares in AIA.
CIC could not be reached for a comment. AIA declined to comment.
Investors seeking better yields and cashed-up domestic institutions have piled on big Asian share deals this year, seeking to tap the region's resilient economic growth.
Robust foreign fund inflows have also fueled a strong rally in the region's stock markets, driving many to multi-year highs, encouraging issuers from India to Malaysia to launch record deals.
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