PICC plans $1.6bn Shanghai IPO
People’s Insurance Group of China (PICC), which owns the nation’s biggest non-life insurer, is planning to raise more than $1.6 billion through a Shanghai listing, according to a Reuters April 10 report.
PICC is the parent of PICC Property and Casualty and plans to issue up to 4.6 billion A-shares in a Shanghai initial public offering (IPO) that will raise over ¥10 billion ($1.59 billion) to replenish capital.
The listing is expected to take place in June or July, Reuters cited one person with direct knowledge of the matter as saying.
PICC went public in a $3.1 billion offering in Hong Kong four years ago.
Join us at Intelligent Automation in Insurance - April 26th 2018, London: Book now.
More of today's news
QBE replaces CFO after 7 months amidst management shake-up
Caribbean’s parametric cat fund CCRIF SPC explores cover expansion
Marsh appoints CEO of Middle East and Africa from Oman Insurance
Beazley targets European expansion with new head of broker relations
Political risk and violence, terrorist attacks on the rise
Digital startup Acko to offer first in-trip insurance in India
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze