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.
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