Photo: zhongan.com

China’s first online-only insurer, ZhongAn, said on Sunday that it plans to raise up to HK$11.9 billion (US$1.5 billion) in its initial public offering in Hong Kong, and is set to begin a share sale on Monday, Caixin reported.

Last week, media reported that ZhongAn planned to raise as much as HK$11.7 billion.

ZhongAn Online Property and Casualty Insurance Ltd., a Shanghai-based company co-founded in 2013 by Alibaba Group founder Jack Ma, plans to issue 199 million shares at a price between HK$53.70 to HK$59.70 per share.

Around 95% of the shares will be offered to international investors and the rest 5% will be sold to retail investors, the report added. Trading of ZhongAn’s shares is expected to start on September 28 on the main board.

ZhongAn said it plans to “strengthen its capital base, which will in turn support its business growth.”