Partnership Assurance Group has been valued at £1.5bn, according to the pricing of its initial public offering revealed today (7 June).
The company has now taken the next step towards being listed on the London Stock Exchange, with just under a third of its ordinary shares being put up for sale. With ordinary shares being priced at 385p per share, this constitutes a £485m offering.
Private equity group Cinven Partners LLP will manage funds comprising 52 per cent of Partnership’s share capital immediately following admission.
Steve Groves, chief executive officer of Partnership, said: “The appetite for Partnership’s differentiated growth story is reflected in the strong, high quality investor demand our IPO has attracted.
“I now look forward to executing the next phase of our strategy to expand our reach and market share further as we continue to translate Partnership’s ability to provide a better deal for customers into profitable growth and attractive returns.”
