Greenstone targets US$984m in Australia IPOMay 25 2015 by InsuranceAsia News Staff
Life insurance distributor Greenstone has lodged a prospectus with the Australian Securities and Investment Commission for an IPO that it hoped would raise between AUS$810m (US$ 634m) and AUSD984.2m (US$771m).
The company, which distributes insurance products and owns the Real Insurance business that sells life, pet and funeral cover, plans a 16 June listing with a price range of US$2.00 to US$2.50 a share.
Greenstone is seeking to sell 398.6 million shares, comprising of 261.8 million shares being sold by existing shareholders and between 131.9 million and 143 million new shares that the company will issue.
The Greenstone listing could become one of the largest floats in Australia so far this year.
Macquarie Capital and Goldman Sachs are joint lead managers for the IPO while co-lead managers include Deutsche, JPMorgan and Citi.
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