Chinese online insurer ZhongAn to seek $11 billion valuation in HK IPO - IFR

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09/14/2017 | 10:46 am
HONG KONG (Reuters) - ZhongAn Online Property and Casualty Insurance Co Ltd [IPO-ZAOL.HK], China's first internet-only insurer, plans to seek a valuation of up to $11 billion (8.33 billion pounds) with its Hong Kong initial public offering, IFR reported on Thursday, citing people close to the deal.

The company will offer shares in an indicative range of HK $53.70 to HK$59.70 each, raising up to $1.5 billion in the deal, added IFR, a Thomson Reuters publication. The listing will consist of 15 percent of its enlarged share capital and value the entire company at between $9.9 billion and $11 billion.

ZhongAn declined to comment on the details of its IPO.

(Reporting by Fiona Lau of IFR; Additional reporting by Julie Zhu; Writing by Elzio Barreto)

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