Royal &SunAlliance (R&SA) hopes to swell its coffers by up to A$2.1bn (£805m)by floating its Australasian subsidiary Promina.
The sale is seen as a crucial part of R&SA 's capital raising plans to ensure its survival. Promina intends to float on 12 May despite weak demand for equities and market worries about Iraq.
Its valuation is based on a prospectus issued last week which priced its 1.057 billion shares at between A$1.5 to A$2 each for institutional investors. Retail investors would get a 10%discount.
Promina chief executive Michael Wilkins said he did not expect R&SA to keep any Promina shares after the IPO. He forecast strong investor interest due to a dividend yield of between 5%and 6.8%.
Promina 's net profit for 2003 is forecast at A$188m (£72m),against a 2002 loss of A$291m (£112m),and a A$100m (£38m)boost to asbestos claims reserves.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
