PICC Group has raised HK$24 billion $3.1 billion from Hong Kong’s biggest initial public offering this year after fixing the price slightly above the bottom of the range.
The final price of HK$3.48 per share will give the Chinese insurer a market capitalisation of about $18.6 billion. It also values PICC’s fast-growing life and health business at about 1.3 times its 2012 embedded value on a pre-money basis, assuming that the company’s Hong Kong-listed property and casualty division is valued at market price.
Investors have argued that the valuation is expensive it is slightly below the average 1.4 times embedded valued for the other...
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