After successful first week of trading, DLG admitted to official list of the UK Listing Authority

Following its successful initial flotation on the London Stock Exchange last week, Direct Line Group (DLG) has announced its ordinary share capital of 1.5 billion shares has today been admitted to the official list of the UK Listing Authority, and trading on the London Stock Exchange’s main market for listed securities under the ticker ‘DLG’.

About 30%, or 450 million shares in the insurer were sold in the first sell off, after RBS floated the company last week, but today marks the first day of unconditional trading.

DLG’s market value is lower than the £2.8bn-£3.5bn price tag placed on the insurer by banks advising RBS and DLG on the deal. Its shares were initially priced in the range of 160p-195p.

Last week’s trading price of 175p per share was slightly below its expected value, but DLG chief executive Paul Geddes described the price as “sensible”.

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