December 14, 2012 / 4:20 PM / in 5 years

Over-allotment raises PICC share sale proceeds to $3.6 bln

HONG KONG, Dec 14 (Reuters) - Chinese state-owned insurer PICC Group has exercised the over-allotment option of its recent Hong Kong share sale, lifting the total proceeds of the float to $3.6 billion.

Before the over-allotment, PICC raised $3.1 billion in its initial public offer, making it the IPO the largest in Hong Kong in two years.

People’s Insurance Company (Group) of China, one of China’s last big state-owned companies to go public, said in a filing on the Hong Kong stock exchange that it had fully exercised its H-share over-allotment option of an aggregate of 1.035 billion shares at HK$3.48 each, raising another HK$3.6 billion ($460 million).

Its shares ended 3.5 percent higher at HK$3.85 on Friday, outperforming the main Hang Seng Index’s 0.7 percent rise.

The over-allotment was exercised by China International Capital Corporation Hong Kong Securities Limited, The Hongkong and Shanghai Banking Corporation Limited , Credit Suisse (Hong Kong) Limited and Goldman Sachs (Asia) L.L.C., PICC said.

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