Australian insurer Cover-More Group is seeking to raise A$521.2 million ($476.30 million) in an initial public offering by selling up to 260.6 million shares at A$2 each, according to a prospectus lodged on Monday.

The travel insurance and medical assistance provider is seeking to tap strong investor appetite for new issues in Australia, which is enjoying its strongest IPO market since the global financial crisis.

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, while management shareholders will reduce their holdings to 4.6 percent from 10.7 percent, according to the prospectus.

The stock is expected to begin trading on the ASX on a conditional basis on Dec 19.