Admiral Group has confirmed that its initial public offering...
Admiral Group has confirmed that its initial public offering will be priced at 275p per existing ordinary share.
Admiral's market capitalisation at the commencement of London Stock Exchange dealings will be £711m.
The global offer – the offering of shares to institutional investors – consists of 84.1million existing ordinary shares, representing 32.5% of the 258.6 million total existing ordinary shares in issue.
Gross proceeds of the global offer amount to £231.3m.
Admiral chief executive Henry Engelhardt said: “The global offer has generated a strong response from institutions and I am absolutely thrilled with the outcome. It is testimony to the hard work of all the people that make Admiral the unique business that it is.”
