Promina, the newly named local arm of Royal & SunAlliance, has kicked off its $2 billion capital-raising with a local newspaper and TV campaign. The company is offering investors the opportunity to pre-register and receive a prospectus for its share offer.

Promina customers who pre-register and invest will receive a definite minimum allocation of at least $5000 worth of shares, while non-customers who pre-register will receive a minimum of $3500. But the offer is subject to a scale-back if the retail offer is over-subscribed. All applications must be registered by March 28, Sydney time, to be eligible.

The Australian Financial Review went against the spirit of the hype yesterday with an article quoting cautious analysts who think the float is too big and the British parent too optimistic.

The AFR quoted a UK report into the float by Salomon Smith Barney, which said the performance of the Promina assets over the past five years hasn’t been “awe-inspiring”. Salomon’s is one of the few major investment houses not involved in the float.