Deals
PICC Group Seeking Up to $3.6 Billion in Hong Kong IPO
This article is for subscribers only.
People’s Insurance Company (Group) of China, the nation’s largest property insurer, is seeking as much as HK$27.8 billion ($3.6 billion) in what may become Hong Kong’s biggest initial public offering in more than two years.
The insurer will offer about 6.9 billion shares at HK$3.42 to HK$4.03 apiece, according to a regulatory filing in Japan today. The highest price values PICC Group at about 113 billion yuan ($18 billion), said two people with knowledge of the IPO, asking not to be identified as the information is private.