PICC pulls in $696 million amidst huge demand

PICC raises the bar for the rest of China''s insurance companies lining up to IPO.

PICC, China's leading property and casualty insurance company, has raised $696 million pre-greenshoe in Hong Kong's biggest and most over-subscribed IPO this year. Pricing came at the top of the HK$1.60-$HK1.80 range. Post greenshoe, to be exercised when the company starts trading, the total raised will be $800 million.

CICC and Morgan Stanley co-led the issue, which saw the retail tranche oversubscribed by 135 times.

The company achieved its target of increasing it solvency...

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