Speculation that the AMP’s $1.5 billion capital-raising might interfere with the Promina float has been discounted, with CEO Mike Wilkins reportedly relaxed about the situation. Mr Wilkins said last week that up to 25% of broker allocations for the float are locked in. The institutional offer begins tomorrow and runs until Friday, with analysts generally positive that it will go well.

However, the fact that Royal & SunAlliance in the UK is desperate to sell its Australasian business are expected to keep the final price at the lower end of the $1.60-$2 range.