Ashursts advises Royal Sun on Australian IPO

Ashurst Morris Crisp has advised major insurance client Royal & SunAlliance (RSA) on the flotation of its Australian subsidiary Promina.

The deal is valued at about £800m and is the biggest initial public offering (IPO) in Australia for five years, when Cable & Wireless Optus raised £920m in 1998. It is also unusual given the weak state of the markets and the war in Iraq.

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