Ping An Insurance (Group) Company of China Ltd., an insurer with strong ties to HSBC Holdings P.L.C., has succeeded at selling 1.1 billion shares of stock with a value of about $5 billion through an initial public offering.
Ping An, Shenzhen, China, started out in 1988 as a property-casualty insurer and later added a life insurance operation. The life business now has more than 31 million customers.
Ping An ended up pricing its stock at the equivalent of $4.4 per share, or about 76 times earnings, the company says.
“This issue price is the highest among all the financial stocks in China and makes Ping An’s A-Share issuance the world’s largest IPO ever launched by an insurance company,” the company says.