China Life: cheap valuation?

Will a large issue size and reliance on institutional participation necessitate a compelling valuation for the IPO?

Pre-marketing for a 6.47 billion share offering pre greenshoe in China Life began last Friday under the lead management of CICC, Citigroup, Credit Suisse First Boston and Deutsche Bank.

Regulatory delays mean the $1.9 billion to $3.2 billion deal is now on an accelerated timetable to make sure it begins trading before Christmas. Formal roadshows are scheduled for December 1 and institutional pricing for December 11, followed by trading in New York on December 16 and Hong...

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