Australia's Cover-More shares debut down 12.5 percent after IPO

SYDNEY Wed Dec 18, 2013 8:07pm EST

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SYDNEY Dec 19 (Reuters) - Shares in Cover-More Group Ltd opened down 12.5 percent on debut on Thursday after the Australian travel and medical insurer raised A$521 million ($462.83 million) in an initial public offering.

Cover-More shares opened at A$1.75, below its IPO price of A$2 a share, and last traded at A$1.71, valuing the company at A$543 million.

Sydney-based private equity firm Crescent Capital Partners will cut its shareholding in the company to 13 percent from almost 83 percent under the terms of the offer. ($1 = 1.1257 Australian dollars) (Reporting by Lincoln Feast and Jackie Range; Editing by Stephen Coates)

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