SYDNEY: London-based Royal & Sun Alliance (RSA) plc is hoping to raise up to A$2.1bil from a float of its Australasian units, braving tumbling stock markets to launch Australia’s biggest initial public offering (IPO) in five years.
Britain's second biggest general insurer plans to list its Australian and New Zealand insurance and fund management operations in May despite a trend by companies globally to steer away from IPOs as war rages in Iraq. The company has been forced to do so amid pressure to raise capital and clean up its balance sheet as weak stock markets and asbestos claims hurt its earnings.
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