September 14, 2017 / 8:48 AM / 11 days ago

Chinese online insurer ZhongAn to seek $11 billion valuation in HK IPO: IFR

HONG KONG (Reuters) - ZhongAn Online Property and Casualty Insurance Co Ltd [IPO-ZAOL.HK], China’s first internet-only insurer, plans to seek a valuation of up to $11 billion with its Hong Kong initial public offering, IFR reported on Thursday, citing people close to the deal.

The company will offer shares in an indicative range of HK $53.70 to HK$59.70 each, raising up to $1.5 billion in the deal, added IFR, a Thomson Reuters publication. The listing will consist of 15 percent of its enlarged share capital and value the entire company at between $9.9 billion and $11 billion.

ZhongAn declined to comment on the details of its IPO.

Reporting by Fiona Lau of IFR; Additional reporting by Julie Zhu; Writing by Elzio Barreto

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