British insurance giant Prudential has reportedly raised $2.4bn through a share offering on the Hong Kong Stock Exchange (HKSE).

The insurer sold 130.8 million shares priced at HK$143.80 per share, Bloomberg has reported.

The shares were offered at a discount. Prudential had earlier said that the price of a public offer will be capped at $22.1 (HK$172) per share.

Prudential plans to use the funds to redeem existing high coupon debt and strengthen business operations in Asia and Africa.

At the time of the announcement of the share offering Prudential group chief executive Mike Wells had said: “Prudential is now entirely focused on long-term structural growth opportunities in Asia and Africa. This Share Offer will maintain and enhance Prudential’s financial flexibility in light of the breadth of opportunities to invest for growth.”

The dealing in offer shares is expected to begin on 4 October 2021.

Prudential’s share offering comes just after its previously announced demerger from Jackson Financial.

Prudential is a key player in the Southeast Asian market, however the insurer will face tough competition from pan Asia insurer AIA Group, especially in China.

Recently, AIA Group agreed to buy a 24.99% stake in China Post Life Insurance in a deal valued at $1.86bn (CNY12bn) to strengthen its presence in the country.

China Post Life is a subsidiary of China Post Group with a focus on the mass and emerging mass-affluent market in the country.