Ping An insures itself for successful IPO

Chinese insurer pitches pricing to propel secondary performance

Ping An Insurance closed Asia's largest IPO of the year on Friday, raising HK$14.3 billion $1.83 billion after pricing the offering just below the mid-point of its indicative range. Having been marketed at HK$9.59 to HK$11.88, the 1.388 billion share deal was priced at HK$10.33 by its four bookrunners BOCI, Goldman Sachs, HSBC and Morgan Stanley.

Pricing at this level was the function of a large, but price sensitive order book. In total, the deal garnered $10.5 billion demand for the international tranche, which was originally slated to comprise 95% of the deal and $6.12 billion from retail investors, which was to account for the remaining...

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