It was back on November 13 that we told you about
Sabre Insurance Group’s
plans to launch an initial public offering (IPO) – and now more details have emerged about its intentions.
The company has today revealed the price range for the IPO, as well as its plan to publish a prospectus alongside the offer later today.
According to a release, the price range has been set at 220-240 pence per ordinary share – that’s a market capitalisation of between £550 million and £600 million. When completed, the IPO is expected to comprise 250 million ordinary shares with the company anticipated to have a free float of between 33% and 50% of its issued share capital.
It is hoped that the offer of new ordinary shares will raise proceeds in the region of £206 million – and those will be used by the firm to purchase preference shares issued by Barbados Topco Limited, the current parent company of the Sabre group.
As for retail investments, they will be made available through certain stockholders and share dealing providers – the minimum individual application will be set at £1,000.
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Sabre Insurance Group reveals floatation intentions
Private Equity backed insurance company to seek IPO
