27th Jun 2019 08:36
(Alliance News) - UK life insurance consolidator ReAssure Group PLC on Thursday set the price range for its upcoming initial public offering at between 280 pence and 330 pence per share.
The price range implies a market capitalisation for the company between GBP2.8 billion and GBP3.3 billion. This would place the firm safely in the FTSE 250.
The firm has confirmed its IPO will go ahead during July. The listing will see a free float of 26% of ReAssure's issued share capital.
The IPO will consist of insurance giant Swiss Re AG selling shares in its UK business, ReAssure. Swiss Re first announced a possible float of ReAssure in the summer of 2018, and the move will see its stake fall below 50% from 75% currently.
Swiss Re has announced it will make available up to 15% of ReAssure's share capital as part of an over-allotment facility.
ReAssure has 4.3 million policies in the UK with GBP68.7 billion in assets under management. It will, the company said, be targeting the FTSE indices.