China's largest non-life insurer, PICC Property and Casualty, is expected to make a strong debut on the stock exchange today, with the indicative grey market price touted yesterday suggesting a more than 20 per cent rally from the pre-listing issue price of $1.80. The unofficial price in the grey market, where shares can be traded before they are actually listed, was quoted at $2.20 by traders yesterday. 'Given the recent strong [initial public offering] debuts by AviChina Industry & Technology and Ports Design, PICC should be a star performer,' one local trader said. PICC's $5.4 billion H-share issue was the largest initial public offering this year and also the most oversubscribed in money terms. It locked up as much as $73.31 billion from would-be investors who applied for 136 times the number of shares available. Retail investors, who were not allocated as many shares as they applied for, might choose to try their luck on the secondary market, the trader said. Others see them as more of a liability for the stock on the first trading day, however, as it is common practice in Hong Kong to sell new shares immediately they start trading to make a quick profit. All retail investors who filed valid applications were allocated at least 2,000 shares, which meant there was a huge pool of prospective sellers out there, OCBC Securities director Peter Lai said. By contrast, he expected fund managers to be keen buyers as their portion of the share offer was scaled back to 50 per cent from 90 per cent. 'The price should reach $2.20 as the response was very good, but above $2.20, I don't think it is that attractive,' Mr Lai said. The market is hoping PICC can be incorporated into major stock indices tracking Hong Kong stocks due to its uniqueness as the first mainland insurer to list in Hong Kong.