8 Sep 2015

CBL seeks up to $132m in share float

3:14 pm on 8 September 2015

CBL Corporation is seeking up to $132 million through a share float on the New Zealand and Australian sharemarkets.

A bundle of New Zealand money.

CBL Corporation hopes to raise up to $132 million on its sharemarket float. Photo: RNZ / Alexander Robertson

The 40-year-old credit surety and financial risk insurance firm has set an indicative price range of between $1.45 and $1.85 a share, valuing the company between $324 million and $389 million.

The company will use the money to fund its growth plans, including the $46m purchase of Australian insurer Assetinsure Holdings.

CBL managing director Peter Harris said the company would be attractive to institutional investors.

"We think there will be some sufficient institutional investors which will recognise the track-record that we've got.

"They will be very interested in our key metrics - our profitability, in particular," he said.

The company is expected to make its debut on the NZX and ASX on 13 October.