FriendsProv IPO

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 th...