Ping An kicks off Shanghai IPO
(Xinhua)Updated: 2007-02-02 15:02 Ping An Insurance (Group) Co. of China Ltd., the country's second largest life insurer, began taking bids on Friday in preparation for its initial public offering in Shanghai Stock Exchange.
The insurer, in which the London-based HSBC Holdings PLC holds 19.9 percent stake, won approval on Tuesday from the China Securities Regulatory Commission to issue 1.15 billion yuan-denominated A shares in Shanghai.
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Ping An earmarked 345 million shares, or 30 percent of total shares on offer, to strategic investors. It initially set aside 287.5 million shares for fund managers and 517.5 million shares for individual investors.
The statement said fund managers would be able to subscribe for shares between February 9 and 13, while individuals can place orders on February 12.
It said the company would publish the price of its shares on February 14.
Its share is estimated to be priced around 38 yuan (4.9 U.S. dollars),China
Business News said earlier.
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