New China Life Insurance Co. raised HK$14.7 billion (US$1.9bn) from its initial public offering (IPO) at the Shanghai and Hong Kong stock exchanges.

The Chinese insurer sold 358.42 million shares in Hong Kong, at HKD28.50 a piece. The price was very close to the bottom of an indicative range of HKD28.20 to HKD34.33.

Another 158.5 million shares were sold in Shanghai, with a price of 23.25 Yuan a piece. The insurer allocated 80 per cent of the shares to retail investors, and the rest to institutional investors via offline subscription.

The state-back company pocketed HK$10.2 billion from the Hong Kong stock exchange and 3.7 billion Yuan from the Shanghai listing.

Many analysts say the amount pocketed by New China Life Insurance Co. from the IPO was fine, as the global economic conditions are still uncertain.

Speaking on the topic, chief investment officer Pauline Dan of Samsung Asset Management, said, "What we hear in news day in and day out is the European debt crisis and how the world is going into recession. Under such circumstances, I don't think investors will be too keen to take on risks."

Following the dual-listing, Central Huijin will remain the largest shareholder in New China Life Insurance Co., with 31.3 per cent of total interests. Baosteel Group and Zurich Financial Service are now the second and third biggest shareholders in the company, respectively.