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Deals of the Year 2012: PICC Group

PICC Group
Size $3.56 billion H-share IPO (Hong Kong)
Joint global coordinators Deutsche Bank, Goldman Sachs, Credit Suisse, CICC and HSBC
return to the Asia Deals of the Year index

PICC’s December IPO in Hong Kong was the largest IPO to come out of the special administrative region in nearly two years.

A total of 17 cornerstone investors with a combined $1.82 billion of demand were secured ahead of the roadshow, covering around 60% of the overall IPO. "This inevitably created demand for the rest of the tranche," says Ashok Pandit, head of ECM at Deutsche Bank in Hong Kong.

"Interest from cornerstone investors invigorated investor confidence," says an equity capital market banker close to the deal. "AIG’s huge share [of $500 million] showed commitment on their side and helped to alleviate some of the uncertainties heightened among investors last year."

Deutsche Bank, Goldman Sachs, Credit Suisse, CICC and HSBC were the joint coordinators on the deal. They were joined by 17 bookrunners, creating an unusually big syndicate that raised eyebrows in many quarters.

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