China PICC said to seek up to US$3.6 bln in Hong Kong initial offer

Chinese state-owned insurer PICC Group Ltd has wound back expectations for its proposed Hong Kong listing, offering to sell shares at HK$3.43-HK$4.03 each to raise up to $3.6 billion in what would still be Hong Kong’s biggest IPO in two years.

The long-awaited offer is now set to be priced on Nov. 30, but the underwriters have revised down the company valuation and IPO size, underscoring the tough environment for capital raising, Thomson Reuters publication IFR reported.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1087457/china-picc-said-seek-us36-bln-hong-kong-initial