The country's third-biggest life insurer has decided to set the IPO price at 30.00 yuan per share, the top of a range which had a floor of 27.00 yuan, the source told Reuters. An official announcement of the pricing is expected within a few days.
SHANGHAI (Reuters) - China Pacific Insurance (Group) Co raised 30 billion yuan ($4.1 billion) after it priced its initial public offer of shares in Shanghai at the top of an indicative range, a source familiar with the deal said on Friday.
The country's third-biggest life insurer has decided to set the IPO price at 30.00 yuan per share, the top of a range which had a floor of 27.00 yuan, the source told Reuters. An official announcement of the pricing is expected within a few days.
China Pacific sold 1 billion A shares, or 13 percent of its expanded share capital, and plans to use the proceeds to boost its capital base. Subscriptions to the offer ended on Friday.
According to a preliminary estimate, the IPO attracted a total of 2.81 trillion yuan in subscriptions from retail and institutional investors, the source said.
!ADVERTISEMENT!That was close to the 3.38 trillion yuan drawn by China Railway Group's <0390.HK><601390.SS> Shanghai IPO last month -- an amount that was a record for a domestic Chinese IPO.
China Pacific shares could rise above 50 yuan when they list on their first day of trade in Shanghai on December 25, analysts said. The company has said it also plans to list in Hong Kong with an offer of 900 million shares.
(Reporting by Samuel Shen; editing by Anne Marie Roantree)
