In its initial public offering, the Hong Kong insurer Sunshine Insurance Group Co. is hoping to raise as much as $7.4 billion $950 million.
According to a prospectus, the Chinese-based Sunshine Insurance started taking investor orders for about 1.15 billion new shares on Wednesday. The shares are priced between HK $5.83 and HK $6.45 apiece.
Sunshine Insurance IPO comes as issuers are taking advantage of an improvement in sentiment towards equities trading in the region. It has been a slow year for Hong Kong's IPO market. The data compiled by Bloomberg shows that companies have raised $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.
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 December 5 and the trading will begin on December 9.
UBS Group AG, China International Capital Corp. and CCB International Holdings Ltd. are joint sponsors of the deal.
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