Jan. 8, 2007 (China Knowledge) - China Life Insurance, the nation’s largest life insurer, said on Monday it had raised RMB 27.81 billion from its initial public offering in Shanghai.

The company would list shares on the Shanghai bourse at RMB 18.8 each on Tuesday. In a statement filed with the Shanghai exchange, the company said it issued 1.5 billion A-shares, which represent 5.3% of its enlarged share capital, with 600 million sold to 19 strategic investors, 300 million to institutional investors and 600 million sold online.

The offer price is 97.8 times the company's diluted 2005 earnings, the company said. China Life’s domestic listing will likely be followed by Ping An Insurance, China’s second-largest insurer, which is expected to sell 1.15 billion shares and raise about US$2.5 billion in Shanghai sometime in the first quarter of next year.China Life, which listed in Hong Kong and New York three years ago to raise US$3.48 billion, is seen as part of the China’s largest overseas-listed companies that are going home to heed the government’s call to develop the domestic capital markets.