PICC Group has lined up $1.77 billion of cornerstone demand ahead of its initial public offering in Hong Kong, which is likely to raise between $3 and $3.6 billion.
The price range has been set at HK$3.42 to HK$4.03 billion, which will value the company at between Rmb96 billion and Rmb113.2 billion $15.3 billion to $18 billion on a pre-money basis, in other words before taking into account the new shares that will be issued as part of the IPO. Including those shares, PICC will have a market capitalisation of between $18.2 billion and $21.5 billion at the time of listing.
Even if priced...
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