6th May 2020 10:22
(Alliance News) - Hiscox Ltd on Wednesday said it has completed its placing of new shares, raising GBP375 million.
The general insurance company said a total of 57.7 million shares were placed at a price of 650 pence each. The sale was run by joint bookrunners UBS AG London Branch and Goldman Sachs International.
The placing price represents a discount of 6.1% to Hiscox's closing share price of 692.4p on Tuesday, when the fund raise was announced.
Following the admission, the company will have 346.3 million shares overall, excluding 7.5 million shares held in treasury.
Hiscox shares were trading 7.9% higher in London on Wednesday at 746.80p each, giving it a market capitalisation of GBP2.16 billion.
The company said some directors and members of senior management subscribed for an aggregate of 92,302 new shares at the placing price.
The proceeds from the fundraising will allow Hiscox to respond to upcoming growth opportunities, it said, as well as withstand a range of downside scenarios related to Covid-19.
By Evelina Grecenko; [email protected]
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