September 18, 2017 / 10:41 AM / a year ago

Institutional portion of ZhongAn's HK IPO multiple times covered-sources

HONG KONG, Sept 18 (Reuters) - ZhongAn Online Property and Casualty Insurance Co Ltd, China’s first internet-only insurer, has covered the institutional tranche of its up to $1.5 billion initial public offering multiple times, people familiar with the deal said on Monday.

Expectations that the stock could be added to the “Stock Connect” scheme in October is also boosting retail demand for ZhongAn, added one of the people, none of whom could be named because details of the IPO demand aren’t yet public.

Adding ZhongAn to the Stock Connect scheme would allow millions of retail investors in China to buy the stock, though timing for a potential approval is still uncertain, the person said.

ZhongAn didn’t immediately reply to a Reuters request for comment on the institutional and retail demand for the IPO. ($1 = 7.8167 Hong Kong dollars) (Reporting by Elzio Barreto and Julie Zhu; Editing by Muralikumar Anantharaman)

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