Chinese State-owned insurer PICC Group will likely price its Hong Kong initial public offering near the bottom of an indicative range, IFR reported on Wednesday, citing sources with knowledge of the transaction.

Bankers on the deal are telling investors the IPO, set to be the biggest in Hong Kong in two years, will be priced at the lower quarter of the indicative range of HK$3.42-4.03 (44-52 US cents), added IFR, a Thomson Reuters publication.

At the bottom of the range, People's Insurance Company (Group) of China, or PICC, would raise about $3 billion in the IPO.