PICC secures $1.8 billion of cornerstone orders

The Chinese insurance giant is seeking to raise up to $3.6 billion from the Hong Kong IPO that opens today. The company finally names 13 bookrunners.

PICC Group has lined up $1.77 billion of cornerstone demand ahead of its initial public offering in Hong Kong, which is likely to raise between $3 and $3.6 billion.

The price range has been set at HK$3.42 to HK$4.03 billion, which will value the company at between Rmb96 billion and Rmb113.2 billion $15.3 billion to $18 billion on a pre-money basis, in other words before taking into account the new shares that will...

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