VIENNA, Sept 9 (Reuters) - Austrian insurer Uniqa said it would carry out a major share flotation this year andhad mandated banks to issue 700 to 800 million euros ($921million to $1.05 billion) of new shares.
The planned "re-IPO" - so called because it will raise thefree float from just 7 percent - is likely be the biggesttransaction on the Vienna Stock Exchange since the 411million-euro initial public offering (IPO) of aluminium groupAMAG in April 2011.
Uniqa said its core shareholders - Raiffeisen Zentralbank with 45.3 percent and two private foundations with 44.1percent and 3.3 percent - were not expected to exercise theirsubscription rights but would maintain a majority shareholding.
The company has a current market capitalisation of 2.25billion euros, meaning the offering could help it reach a freefloat of about 30 percent.
"The planned re-IPO is a key milestone for Uniqa. Theintended opening to the international stock market will continueto positively change the company's identity," Chief ExecutiveAndreas Brandstetter said in a statement on Monday.
Uniqa had previously said it would carry out the share saleeither this year or next. It said on Monday the exact size andtiming of the offering would depend on prevailing marketconditions.
The insurer said the share issue would help it achieve itslong-term goals, which include increasing its number ofcustomers to 15 million by 2020 from 9 million.
It also aims to raise its profit from ordinary activities byup to 350 million euros over its 2012 result of 205 millioneuros by 2015.
The banks mandated for the share issue are Deutsche Bank, Morgan Stanley and Raiffeisen Centrobank asjoint bookrunners, with Barclays, Berenberg and UBS as co-bookrunners.