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Promina price positive

Promina has achieved a much better price for its shares than many were expecting.

Monday, May 12th 2003, 3:03AM
The company announced on Sunday 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.

New Zealand investors paid $2.15 for their shares and now will get a 25c per share refund.

The initial price of this offer is much better than many expected. Parent company Royal & SunAlliance in the United Kingdom had been unable to find a trade buyer for its Australian and New Zealand operations, so resorted to an IPO.

Because it was seen as a “distressed sale”, and there were concerns about the insurance industry there was an expectation that the offer would be priced in the lower half of its price range.

However, the offer received good offshore support, as investors have been attracted to the strong premium rates in Australia’s general insurance sector.

The offer also created interest as it was tagged the biggest IPO globally so far this year.

Promina 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 he is pleased that the IPO 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.” Promina will list on the New Zealand and Australian Stock Exchanges on Monday.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
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BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
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Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
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ICBC 7.49 ▼5.79 ▼5.59 5.59
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Kainga Ora - First Home Buyer Special - - - -
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Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
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SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
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SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
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Westpac Special - 5.79 5.49 5.59
Median 7.49 5.99 5.79 5.69

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