China’s Sunshine Insurance Raises $857 Million in HK IPO (1)

Sunshine Insurance Group Co. raised $857 million after pricing its Hong Kong initial public offering at the bottom of a marketed range.

The Beijing-based firm sold 1.15 billion new shares at HK$5.83 apiece, according to a message to fund managers Monday. The insurer had originally marketed the shares at HK$5.83 to HK$6.45 each.

Bloomberg News reported earlier that Sunshine Insurance was leaning towards pricing the offering at the low end of the range. Its shares are slated to start trading on Dec. 9.

Some stock originally planned for Hong Kong retail investors was reallocated to the institutional tranche, which ended ...