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AMP, Australia's largest life insurer and fund manager, is selling up to A$1bn of new shares in a two day global bookbuild that will close today (Friday) at 3pm Sydney time.
It also plans to demerge its Australian and UK operations into two separate listed businesses and is selling a further A$500m of new stock.
The offer is underwritten by UBS Warburg, which is also sole global co-ordinator.
UBS Warburg and Caliburn Partnership are advising AMP on the overall scheme and its implementation.
The deep discount share offer is being marketed in a wide range of A$4.50-A$6.50 per share.
This is a discount of between 48.5% and 25.5% from the A$8.73 price at which AMP stock was suspended after the announcement on Wednesday.
The unusually high discount is being offered as AMP simultaneously announced plans for a complex demerger and restructuring plan.
This is aimed at de-linking the Australian group's performance from its loss-making UK subsidiary, which caused the group to register a record loss in 2002.
AMP...