Digital insurance provider ZhongAn raises $1.5bn in IPO

ZhongAn Online Property & Casualty Insurance has reportedly closed its IPO on $1.5bn.

The company listed 199.3 million shares at around $7.65 a-piece, according to an article by IFR which cites people close to the deal. The company will be listed on the Hong Kong stock exchange on September 28th, it said.

SoftBank Group will acquire just under 5 per cent of the stake in the company for a deal worth around $550m, the article states.

ZhongAn is a property insurance platform which offers policies for travel, online payments, health and automobiles, among others. Founded in 2013, the platform allows users to access personalised pricing models, which is supported by its technologies analytics.

The company is looking to add more healthcare and insurance products to help with growth after the IPO, the article reports.

In 2015, the company received a $931m round of funding and increased its number of shareholders from seven to 14, according to a Reuters report.

FinTech investments in Hong Kong for H1 2017 have already reached $167.3m, which is around $23m less than the whole of last year.

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