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 ratio post-IPO, its ratio of net written premiums to surplus will drop to 2.3 for 2003, and will be 2.4 in 2004. The lower the figure, the greater the company's ability to pay claims. The...

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