Reuters - PICC Group Raises $3.1B in I.P.O.

Chinese state-owned insurer PICC Group raised $3.1 billion in Hong Kong's biggest initial public offering in two years after pricing the deal near the bottom of an indicative range, the latest sign of a tepid appetite for new listings in much of Asia, Reuters reported Friday. PICC secured commitments from cornerstone investors for about $1.8 billion worth of stock offered in the IPO, easing concerns it may not find enough demand for the deal. Major investors included U.S. insurer American International Group , China utility State Grid Corp, China's leading gold miner Zijin Mining Group and China Life Insurance.

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