CBL is eyeing expansion in Australia and south-east Asia, as the Kiwi insurer looks to raise up to NZ$132 million from investors as part of a dual-public listing next month. 
CBL, the largest and oldest credit surety provider in New Zealand, expects to list at between NZ$1.45 and NZ$1.85 a share, and raise between NZ$123 million and NZ$132 million. This will indicate a market cap of up to $352 million (NZD$389 million).
The company, which sources a large chunk of its revenue from Europe, plans to use the money it raises for organic growth and branching out into new lines of business.
"We plan to introduce some new lines of business into Australia, and we've got growth opportunities in south-east Asia. In Australia, we're looking to grow by being able to partner with AssetInsure particularly in the building risk sector," CBL chief executive Peter Harris, in Sydney this week, said in an interview with Fairfax Media.
CBL bought one of Australia's biggest surety bond insurers in Australia, AssetInsure, for $46 million this year.