Australia's Macquarie Bank is set to raise A$1.1bn (€654m) from the initial public offering of Dyno Nobel, the explosives maker, in one of the one of the fastest "quick flips" of recent years.

Bloomberg reports that shares in the explosives company were sold to Australian institutional investors at A$2.37 yesterday, 4.4% above the A$1.89 to $2.27 bookbuilding range.