Friends Provident has launched its IPO on the London Stock Exchange to raise around £1.5bn in new ca...
Friends Provident has launched its IPO on the London Stock Exchange to raise around £1.5bn in new capital through offers to eligible members and customers and international institutional investors.
The market cap based on the mid-point of the Indicative Offer Price Range would be approximately £3.8bn, which makes it eligible for inclusion on the FTSE 100 index.
Following the approval by the UK Court of the UK scheme, a mini-prospectus and information pack is being sent out to over 2.5 million eligible members and customers.
The preferential offer will be priced at 5% discount to the institutional offer. Applicants will also be entitled to one bonus share for every 20 ordinary shares they acquire in the preferential offer and retain for one year from the date of listing.
The deadline for return of applications in the preferential offer is noon on 3 July 2001.
The indicative offer price range is 210p to 270p per share, the indicative preferential offer price range is 199.5p to 256.5p per share. The final offer price will be set based on demand generated using a book building process in the institutional offer.
Latest news and analysis
Drip-feed. Blend. De-risk
£92bn transferred since 2015
Achievements, charity work and other happy snippets