April 9, 2018 / 11:58 PM / 6 months ago

People's Insurance Group of China plans to raise over $1.6 bln in Shanghai IPO

SHANGHAI, April 10 (Reuters) - People’s Insurance Group of China Co Ltd (PICC), parent of the nation’s biggest non-life insurer, said it aims to raise over 10 billion yuan ($1.6 billion) on the Shanghai stock exchange to replenish its capital.

PICC said late on Monday in a post to the Hong Kong stock exchange that it plans to issue up to 4.6 billion A-shares in a Shanghai initial public offering.

PICC’s listing in China would come more than four years after the company went public in a $3.1 billion offering in Hong Kong. PICC is the parent of PICC Property and Casualty Co Ltd .

The deal will be underwritten by China International Capital Corp Ltd, Essence Securities, CITIC Securities Co Ltd and Goldman Sachs Gao Hua Securities, according to the prospectus posted by China’s securities regulator.

$1 = 6.3035 Chinese yuan renminbi Reporting by Hong Kong newsroom and Engen Tham in Shanghai; Editing by Stephen Coates

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