China Reinsurance (Group) Company, the largest re-insurer on Chinese mainland, announced on Friday that its shares offered under a Hong Kong public offering had been 93.97 times oversubscribed.
According to the announcement, the company finally set its IPO price at 2.7 Hong Kong dollars per share, the high end of an indicative range of 2.25-2.7 Hong Kong dollars.
Based on the offer price, the net proceeds from the global offering are estimated to be about 15.126 billion Hong Kong dollars, the company said. Shares of China RE are scheduled to be listed on the main board of the Hong Kong Stock Exchange next Monday.
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