People's Insurance Company of China (PICC), one of the mainland's largest insurers, has added an army of 14 investment banks to help sell its stocks in an initial public offering in Hong Kong, according to market sources.
The state-owned insurer is seeking a dual listing in Hong Kong and Shanghai this year. It aims to raise US$3 billion in its H-share listing in Hong Kong, and more than 10 billion yuan (HK$12.2 billion) in its A-share offering in Shanghai.
It would be the biggest IPO in Hong Kong this year and its A-share listing would be among the largest new-share offerings on the mainland so far this year.
Credit Suisse, HSBC and China International Capital Corporation are the sponsors of the Hong Kong IPO, while at least 14 investment banks would be involved in book-running and underwriting.
These banks include UBS, Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, and mainland investment banks like CCB International and BOC International.
However, it remained unclear which of the 14 banks would be the global co-ordinators or the lead book-runners of the deal, said the sources.
Market experts said such a broad share distribution network was not often seen in the market, but would make sense for PICC, as it had chosen to raise a large sum of money in a choppy environment.