Broking network Austbrokers has revealed details of its float and lodged a prospectus with the Australian Securities and Investments Commission.

Under the proposal, parent company ING will sell off 90% of its interest in Austbrokers as it moves its business focus away from general insurance and on to “core wealth management, direct banking and real estate businesses”. It will maintain a 10% holding in voluntary escrow for 18 months.

The offer of 45 million shares – which is expected to open in a week – will be made up of an institutional offer, a broker firm offer, and a priority offer to eligible members and employees of the group.

42.5 million shares will be sold through an initial public offering, with the remaining 2.5 million shares to be sold to member firms and Austbrokers employees. There will be no general public offer.

The offer price is fixed at $2 per share for the institutional and broker firms, and $1.80 per share for the priority offer.

Twenty-eight of Austbrokers 34 member firms retain equity in their businesses as part of the group’s unique “owner-driver” model.

CEO Lach McKeough says the model has assisted the success of the company, which placed more than $700 million in premiums last financial year.

“The unique owner-driver model encourages performance at the individual broker level and leverages the benefits of a national broking network,” he said. “Austbrokers has a history of successfully acquiring and integrating broker firms and is well positioned to benefit from the ongoing industry rationalisation through further acquisitions of broker firms.”

The priority offer is expected to close on October 28, and the broker firm offer will end on November 4.

The group will also apply to the Australian Stock Exchange for admission to its official list.