General insurance groupProminamade a $1.9 billion market debut today in a launch which made it the world’s biggest initial public offering of the calendar year to date.

The price for individual retail investors per Promina share was set at $1.70, representing a six per cent discount on the final institutional price which was set at $1.80.

The majority of Promina’s stock has been scooped up by institutions and fund managers, which owned 74 per cent of the group after it commenced trading at 12 pm today, with the remaining 26 per cent allocated to retail investors.

Promina chief executive Michael Wilkins says he is pleased by the demand for the stock, with strong interest from both retail and institutional investors from both domestic and international markets.

“I believe this interest was enhanced by the strength and stability of the Australian and New Zealand general insurance sectors and the opportunities provided by Promina’s market position and favourable business outlook,” Wilkins says.

A scale back of the amount of shares individual institutional and retail investors would receive was enacted by Promina due to the strong demand for the offering.

The announcement late last year that RSA-UK would cut ties with the business through a public float followed several failed attempts to sell the Australian and New Zealand operation.