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AIA Group Ltd. introduces nine cornerstone investors which will buy approximate USD 1.92 billion shares in the international placement tranche.
AIA Group launched an initial public offering in Hong Kong on October 18 at an indicative price range of between HKD 18.38 and HKD 19.68 per share. It is selling 5.857 billion old shares, 90% for international placement tranche and 10% for public offering. The insurance giant expects to raise maximum HKD 115.27 billion.
The international tranche receives warm response from institutional investors on the growth potential in its Chinese operations. AIA Group obtained USD 1.057 billion net profit in the six months ended May 51, 2010, representing an annualize rise of 9.4%. It forecasts the annual net profit ended November 31, 2010 will be between USD 1.4 billion and USD 2.3 billion.
It is scheduled to determine on the H-share IPO price on October 22 and list on the Hong Kong Stock Exchange on October 29.
ICBC International, the joint book runner and financial adviser of AIA Group IPO, recently issued a QDII product with a size of around CNY 4 billion earmarked for ordering for the IPO. The investment threshold of the QDII product is CNY 300,000. With retail investors’ frenzy, orders for the QDII product closed last Friday ahead of schedule.
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