Show me the money, PICC tells long list of banks

Chinese insurer PICC Group lists a record 17 banks as potential arrangers for the H-share portion of its IPO, but tells them that the senior roles will be mandated based on how much cornerstone demand they are able to generate.

Show me the money, PICC tells long list of banks

State-owned Chinese insurance company PICC Group has drawn up a short-list albeit a very long one of 17 banks that could get a role on the H-share portion of its upcoming initial public offering, sources said yesterday. The deal is highly awaited as it is likely to be one of the biggest IPOs in Asia this year, potentially raising as much as $4 billion to $6 billion from an A- and H-share listing combined.

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