Sharechat Logo

The world's biggest IPO this year is go

Sunday 11th May 2003

Text too small?
Promina has announced that the final price New Zealand retail investors will pay for shares in its public offering is $1.90 each. The price for Australian investors is A$1.70.

It says that the price institutions will pay, following a three-day book building exercise, is A$1.80 which is above the mid-point of the indicative price range of A$1.50 to A$2.00.

The company says there has been strong demand for its shares from institutional and retail investors.

Based on the listing price the company will have a market capitalisation of about A$1.9 billion.

Promina chief executive and managing director Michael Wilkins says this float has been the biggest IPO in the world this year, and he is pleased that it has been got away successfully.

"I am particularly pleased with the strong interest Promina received from domestic and offshore investors. I believe this interest was enhanced by, among other things, the strength and stability of the Australian and New Zealand general insurance sectors and the opportunities provided by Promina's market position and favourable business outlook."

Institutions and fund managers will own 74% of the company.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report