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The world's biggest IPO this year is go

Sunday 11th May 2003

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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.

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