Greenstone eyes $1bn stock market float

Insurance group Greenstone, the company behind the Choosi comparison website, is looking to raise nearly $1bn and list on the ASX in June.

Pet, life and income insurance group Greenstone hopes to raise nearly $1 billion ahead of its planned stock market debut in June.

Greenstone, which is owned by South African insurer Hollard, will sell shares at $2.00-$2.50 each in what will be one of the biggest initial public offerings so far in 2015.

The company offers a range of insurance products that are distributed through firms including Prime Pet Insurance, Guardian Insurance, Real Insurance, Woolworths and the RSPCA.

It also owns the Choosi insurance comparison website.

The insurer's existing owners Hollard and the Casey Trust will retain a stake of about 42 per cent after Greenstone lists on the Australian share market on June 16.

Chief executive Mark Reid said Greenstone was poised to capitalise on significant growth opportunities.

"We operate from one location, with one call centre that is supported by our one call optimisation model," he said in a statement on Monday.

"This will allow Greenstone to rapidly expand with limited additional fixed costs."

Source: AAP

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