– Insurance Group raises Â£604m on Â£1.2bn valuation
– Peter Wood, Chairman, esure Group opens trading on London Stock Exchange
The Group's shares were priced at 290p each, valuing the company at Â£1.2 billion. The offering raised Â£604 million, making this the largest UK company fundraising on London's markets this year.
To mark the occasion Peter Wood, Chairman of esure Group, and Stuart Vann, esure's CEO joined Alexander Justham, CEO at London Stock Exchange, to open trading in London this morning.
Alexander Justham, CEO, London Stock Exchange, said:
"We are delighted to welcome esure Group to open trading on our markets today. London is open for business for ambitious companies and offers them an unrivalled pool of deep liquidity. The IPO market is showing encouraging signs, as more companies access equity finance."
Peter Wood, Chairman, esure Group, said:
"This is a significant milestone for the Company marking the next phase of growth and development. esure is the largest listing on the London market in 2013 and we are immensely proud of our strong business and its smooth progress to listed status this morning."
esure Group is a general insurer famous for its motor and home insurance brands, esure and Sheilas' Wheels. It was founded by one of the insurance industry's foremost entrepreneurs, Peter Wood, who also founded the last major UK insurer to list on London Stock Exchange.