China's PICC Group to raise up to $4 bln in HK IPO-source

HONG KONG Wed Nov 14, 2012 9:34pm EST

HONG KONG Nov 15 (Reuters) - China state-owned insurer PICC Group started meeting institutional investors in Hong Kong on Thursday to gauge demand for its listing, which could raise as much as $4 billion and be the largest IPO in the city in more than a year, a source with direct knowledge of the plans said.

People's Insurance Company of China Group (PICC), one of the country's largest insurers, will offer 6.9 billion new shares, equivalent to a 16.7 percent stake in the company, added the source, who was not authorised to speak publicly on the matter.

PICC hired a record 17 banks to help underwrite the IPO. The company is the parent of China's largest property insurer, Hong Kong-listed PICC Property & Casualty Co.

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