Nov. 30 (Bloomberg) — New China Life Insurance Co., the state-backed insurer seeking as much as $2.3 billion in an initial public offering in Hong Kong and Shanghai, received enough orders to cover its institutional books for both listings, said two people with knowledge of the transaction.
The insurer, partly owned by Zurich Financial Services AG, is offering 358.4 million shares at HK$28.20 ($3.62) to HK$34.33 apiece in the Hong Kong portion of the IPO, of which up to 95 percent will be allocated to institutional investors, a sales document shows. The Hong Kong institutional book was covered on the first day it took orders, said the people, who declined to be identified because the process is private.
New China Life may sell 158.5 million shares in Shanghai, the company said this month. The Shanghai offering would raise 4.5 billion yuan ($698 million), based on the same pricing as the Hong Kong sale.
Companies are planning to sell as much as $7 billion of new shares in Hong Kong before the end of 2011, betting on a revival in investor appetite after the value of IPOs slumped almost 70 percent this year. Chow Tai Fook Jewellery Group Ltd., which is seeking to raise up to $2.8 billion, received bids for all the stock available to money managers in its first day of order taking, people with knowledge of the matter said