Price for Pacific Century unit shares viewed at $6
The issue price of shares in Pacific Century Insurance is likely to be fixed at about $6 after the completion of book-building today.
The insurer is offering 170 million shares at between $5.26 and $6.28, 81 per cent of which will be placed to international investors with the remainder for local investors.
'The market expects the price will be fixed at the higher end of the range, around $6,' Tung Tai Securities research head Kenny Tang Sing-hing said.
According to sources, Pacific Century's international placement has been oversubscribed while response to the public offer has been 'reasonable'.
'Local investors seem to have little interest in insurer shares,' a securities analyst said.
Up to $495 million will be raised from the float for regional acquisitions and expansion in the mainland.
