Insurer's IPO raises US$693 million

PICC Property and Casualty, raised US$693 million in the largest Hong Kong IPO this year. The IPO gave the mainland insurer a market capitalization of nearly US$2.5 billion. The insurance firm sold slightly more than three billion shares, totaling 28 percent of its enlarged share capital, not including a 15 percent overallotment option.

PICC's IPO was co-sponsored by Morgan Stanley and China International Capital Corp.