Specialist insurer Partnership Assurance launched its stockmarket flotation this morning with a market capitalisation of £1.54bn.
The offer price, of 385p per share, is towards the upper end of its 325-400p target range when it announced its IPO plans last month.
The firm has raised £485m, with a free float of around 31 per cent. Private equity firm Cinven Funds retained a 52 per cent holding at launch and directors and senior management held 9 per cent.
Partnership Assurance chief executive Steve Groves says: “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.”