China RE sets price range for $2 bln HK IPO; to launch deal Monday-source

October 8, 2015 6:32 AM

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HONG KONG Oct 8 China's biggest reinsurer, China Reinsurance (Group), is set to launch an up to $2 billion Hong Kong initial public offering on Monday after receiving strong feedback from investors for the deal, a source with direct knowledge of the plans told Reuters.

China RE, as the company is known, will offer the shares in an indicative range of HK$2.25 to HK$2.70 each, equivalent to a forecast price-to-book ratio of 1.12 to 1.3 times for 2015, said the source, who declined to be identified as details of the IPO have not yet been publicly disclosed.

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