Promina, the Australasian subsidiary of Royal & SunAlliance, is set to make this year's biggest stock market debut when it lists with a A$1.9bn (£763m) market capitalisation.
Shares in Promina were offered in the range of A$1.50 (£0.60) to A$2.00 (£0.80). The stock is due to begin trading in a dual listing on the Australian and New Zealand stock exchanges today.
Chief executive Michael Wilkins told the FT.com that there had been strong interest in Promina from both domestic and international investors.
He said: "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."
Promina's parent, R&SA, will receive A$232m (£93.2m) of the A$1.9bn (£763m) raised.
R&SA chief executive Andy Haste said the initial public offering was a major part of plans to reshape R&SA.
He said: "The capital release from the IPO, together with the release of capital from the sale of our UK healthcare and assistance business last month, will significantly improve our risk-based capital position. It will also greatly increase our statutory surplus."
