Sunshine Insurance Sets Terms for $948 Million IPO




  • In Business
  • 2022-11-30 00:14:33Z
  • By Bloomberg
 

(Bloomberg) -- Chinese insurer Sunshine Insurance Group Co. is seeking to raise as much as HK$7.4 billion ($950 million) in its Hong Kong initial public offering.

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Beijing-based Sunshine Insurance started taking investor orders for about 1.15 billion new shares on Wednesday, according to its prospectus, which confirmed an earlier Bloomberg News report. The shares are marketed at between HK$5.83 to HK$6.45 apiece.

Sunshine Insurance's IPO comes as issuers are taking advantage of an improvement in sentiment towards equities trading in the region. It's been a slow year for Hong Kong's IPO market. Companies have raised about $11.2 billion through first-time share sales in the city so far in 2022, down from $38.7 billion for the same period last year, according to data compiled by Bloomberg.

Read more: From Nickel to Pizza, IPOs Pick Up Again in Hong Kong: ECM Watch

Sunshine Insurance operates businesses including life and health insurance, property and casualty insurance and asset management. The company plans to price the offering on Dec. 5 and trading is slated to start Dec. 9.

Huatai International, China International Capital Corp., UBS Group AG and CCB International Holdings Ltd. are joint sponsors of the deal.

(Updates throughout with official statement.)

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©2022 Bloomberg L.P.

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