As part of their plans to raise more than AUS $562.8 Million or an estimated $515 Million, Australia's biggest network of insurance brokers are opening to the market one of the biggest public offering the country has seen since 2010.
Steadfast Group Ltd. plans on selling as much as 469 million of its shares at AUS $1.20 each. The planned initial public offer is said to be the biggest since that of the Westfield Retail Trust which was conducted in late 2010. JPMorgan Chase and Co and the Macquarie Group Ltd., are set to benefit from the sale since the managing the proceeds from the IPO. As mentioned by Steadfast Group Ltd , its staff members and management team will own 47% of the company's share after its listing.
The price of the IPO will be firmly established by July 30 and the stock trading will begin in August. Transactions will be held in Sydney since this is the home base of Steadfast Group Ltd.
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