Sunday 11th May 2003 |
Text too small? |
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.
No comments yet
Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER