PICC pulls in $696 million amidst huge demand

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.