PICC raises $3.1 billion from Hong Kong’s biggest IPO this year

The Chinese insurer attracts strong demand from fellow Chinese corporates and retail investors, while international institutions are more cautious.

PICC raises $3.1 billion from Hong Kong’s biggest IPO this year
PICC: China's dominant non-life insurance company

PICC Group has raised HK$24 billion $3.1 billion from Hong Kong’s biggest initial public offering this year after fixing the price slightly above the bottom of the range.

The final price of HK$3.48 per share will give the Chinese insurer a market capitalisation of about $18.6 billion. It also values PICC’s fast-growing life and health business at about 1.3 times its 2012 embedded value on a pre-money basis, assuming that the company’s...

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