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Crescent-backed Cover-More Group eyes $477m IPO

2 Dec 2013

stock brokerage market share listedPrivate equity-backed Australian insurance group Cover-More Group has filed to raise A$521.2m ($477m) via an IPO.

The company, which is backed by Sydney-based private equity firm Crescent Capital Partners, said in a prospectus that it plans to sell 260.6m shares for A$2 apiece, according to Reuters.

Crescent expects to reduce its stake to 13 per cent from nearly 83 per cent, while the company’s management will cut their interest to 4.6 per cent from 10.7 per cent.

Shares in Cover-More Group are set to start trading on the Australian Securuties Exchange on December 19.

Last month it was reported that KKR-backed mining services group BIS Industries was looking to raise A$500m via its IPO.

KKR reportedly plans to float the business before the end of the year and keep all of its stake.

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