Sabre prices £575m IPO
UK car insurer Sabre Insurance Group is pricing its equity in a planned initial public offering at 230 pence per ordinary share, suggesting a market capitalisation of the company of £575 million.
“We are delighted with the response we have received from investors,” said Sabre CEO Geoff Carter.
“This reflects the strong and profitable track record the business has built over previous years, as well as the bright future that lies ahead of us. We look forward to building valuable, long-term relationships with our new shareholders.”
The offer comprises 125,000,000 ordinary shares equating to an offer size of £287.5 million, representing 50 percent of Sabre's share capital on admission, excluding the over-allotment option.
Patrick Snowball, chairman of Sabre, noted: "This is a significant milestone in the Group's development. The board believes Sabre has the right attributes to thrive as a listed business and capitalise on the opportunities that have been identified to deliver value to shareholders in the future."
The company will receive net proceeds of approximately £206 million which will be used to purchase the Topco preference shares, which are 99.9 percent owned by funds advised by BC Partners (major shareholder), Angus Ball and Keith Morris, for cash consideration.
More of today's news
Swiss Re reveals £650m life acquisition
Reinsurers face $1bn Harvey claim from FEMA
Wildfires rage across Southern California
Asta bolsters its Lloyd’s managing agency board
THB appoints Gallagher exec as director
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze