Appreciation will make provider eligible for FTSE 250
Personal lines insurer Esure has the initial public offering (IPO) priced at 290 p per share, valuing the company at £ 1.2bn.
This is more than the £ 1 1.1 the company was rumoured to be looking for, and it will qualify for membership of the FTSE 250.
Conditional trading in the stock has opened today.
The IPO sees Esure Chairman Peter Wood (pictured) is just under 40% of share capital, with the other directors of the company possess of about 1%.
The flotation consists of 17.2 million new shares and existing shares of 191.2 million. The new element of the share of the IPO is expected to raise 50 million pounds for Esure, which it plans to use to pay debt.
Wood said: "today pricing is a ringing endorsement of Esure the strengths and prospects for the future and we welcome all of our new shareholders as co-investors in these interesting phase of our development. As a premium company listed, Esure will have the right corporate platform for development, and it is our job to maximize the opportunities we for us for the mutual benefit of our shareholders. "
Chief executive Stuart Vann said he wanted to reward the new shareholders for their investment in the company. "The strong reception for our offer is a reflection of investor appetite for differentiated, high quality exposure to the UK insurance industry," he said. "Looking forward, our priority is to trust in us by our new shareholders as we continue with our strategy for profitable growth through innovation, efficiency and top quality customer service boost reward."
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