Broker network Austbrokers is well on track to achieving a satisfactory outcome from its impending float. The new company will be ready to commence trading on the Australian Stock Exchange on November 16 as planned.

An Austbrokers spokesman told Sunrise Exchange News everything “seems to be going to plan” with the float, which opened on October 11 and closed on Friday.

“There’s been a high level of interest in the company, which has been fantastic,” she said. “It’s all gone very well and we’re on track to be listed on November 16.”

Under the deal, parent company ING decided to sell 90% of its interests in the company in a bid to focus on its “core wealth management, direct banking and real estate businesses”. It plans to maintain a 10% holding in voluntary escrow for 18 months.

The offer of 45 million shares is made up of an institutional offer, a broker firm offer, and a priority offer to eligible members and employees of the group. No general public offer was made.

Shareholding statements are expected to be dispatched on Thursday.