China Life Shares Surge in Debut - TheStreet

China Life Shares Surge in Debut

The Chinese life insurer's $3 billion offering is the largest IPO of the year.
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Updated from 10:57 a.m.

China Life

(LFC) - Get Report

shares Wednesday were up sharply from their offering price, but off session highs, as the biggest IPO of the year debuted.

Recently, shares were up $4.82, or 26%, to $23.57, with more than 33 million shares changing hands, after jumping as much as 35% in early trading.

China's largest life insurer sold 161 million shares at $18.68 a share, valuing the offering at more than $3 billion.

The offering is the second-largest Chinese IPO after

China Unicom

(CHU) - Get Report

, which went public in a $5.25 billion offering in 2000.

Almost two dozen IPOs were slated to launch in December. That's double the number in the first half of the year alone and the busiest month in three years.

The offering's underwriters are Citigroup, Credit Suisse First Boston, Deutsche Bank and China International Capital.