Next NZX float - final price details revealed

Financial risk insurer CBL Corporation's share offer price has been set at $1.55 - towards the bottom-end of a $1.45 to $1.85 indicative range - following a bookbuild with institutional investors and brokers.

The final price implies a market capitalisation of $340.5 million and means the offer will raise $125 million, $90 million of which will be new capital earmarked for growing the Auckland-based business.

CBL, which offers residential builder warranties and construction bonds among its products, will list on the NZX and Australia's ASX on October 13.

A broker firm offer will open on September 21 and close on October 6.

"We are delighted with the depth, spread and quality of the investors we attracted," said CBL managing director Peter Harris.

"They are looking beyond the current market volatility and investing in a proven business with solid fundamentals and significant growth opportunities."

CBL has forecast net profit to rise from $19.4 million in the 2014 calendar year to $26.1 million in 2015 (excluding the contribution of its recent Assetinsure acquisition) and $40.4 million in 2016.

Including Assetinsure, a $29.2 million profit is forecast for 2015 from a gross written premium of $335 million.

CBL derives almost 98 per cent of gross revenue outside New Zealand, mostly in Europe.

France, where cover for residential building works is compulsory, is a major market.

Around 53 per cent of the company's pro forma gross written premium is expected to come from France this year.