Partnership Assurance Group, the enhanced annuity specialist, has set its offer price at 385p per share meaning its implied market capitalisation for its initial public offering (IPO) is £1.5bn.
It is expected the group will be eligible for inclusion in the FTSE 250 index from September and conditional dealings on the London Stock Exchange are due to start today at 8am. Its offer size of £485m, is made up of 93,528,185 existing shares and 32,467,532 new ordinary shares which represent a free float of about 31%. It said its private equity backers Cinven Partners may sell up to an additional 8,899,353 shares, representing up to 15% of the offer. Assuming the over-allotment option is exercised in full, the free float is expected to be 36%. Immediately following admission to th...
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