Prudential is studying a possible public offering in Hong Kong or Shanghai, becoming the latest multinational interested in listing in the fast-growing region, media reported on Thursday.
Plans being considered could see the insurance giant raise up to several billion U.S. dollars in such an offering, Hong Kong’s Economic Journal reported, citing an unnamed source.
It said the company was currently deciding where to list.
Prudential’s new Chief Executive Tidjane Thiam discussed an Asia listing during a trip to Hong Kong this month, and has made some preliminary evaluations of Shanghai and Hong Kong, according to the report.
Last month, the Financial Times, citing Thiam, reported that Prudential would look to Asia as a source of capital and could even seek to raise equity there.
Following the success of a $750 million (451 million pound) hybrid capital raising in the region this year, Thiam told the FT he was positive over the prospect of further capital raising in Asia.
Prudential’s reported interest follows U.S. gaming giant Wynn Resorts making a $1.6 billion Hong Kong IPO for its Asia assets, Wynn Macau (1128.HK), earlier this month. Rival Las Vegas Sands is in the midst of a similar offering.
Banking giant HSBC, which traces its roots back to Hong Kong, has also expressed interest in listing Shanghai when China creates new rules to allow such listings, expected sometime next year.
With Reuters
