The China Securities Regulatory Commission has given the green light to the IPO application filed by PICC Group, a state-owned insurance company backed by the Ministry of Finance, The Paper reported.

According to the prospectus, the company plans to issue no more than 4.59 billion shares. The total financing amount would be around 14.8 billion yuan (US$2.31 billion), based on the estimation of 3.23 yuan per share.

The Group went public on the Hong Kong Stock Exchange in 2012, which was the first overseas listing of large-scale state-owned financial company. Since then, it has been watching for its chance to land on the A-share market.

In 2017, PICC Group’s revenue of its insurance business was 476.44 billion yuan, while the net profit attributable to shareholders was 16.1 billion yuan, a rise of 13% from a year earlier.

In terms of the insurance income and net profit, PICC Group came after China Life Insurance and Ping An Insurance, but ahead of China Pacific Insurance and New China Life Insurance.