Share price range set by Esure

<p>Esure’s share price range has been set.</p>

Esure has been valued at more than £1 billion as the company prepares for its upcoming flotation on the stock market.

The share price of the firm has been set at 240p to 310p per share, which gives the company – which owns the Sheilas' Wheels brand and half of GoCompare.com – a valuation of £1.1 billion.

It has been confirmed by the home and motor insurer that it would repay "all of Esure's outstanding debt" with the £50 million it aims to raise from the sale of new shares.

Founded and chaired by Peter Wood, the firm is expected to make a major impact on the market when its stocks are released later this year.

Mr Wood described the move as a "milestone", adding: "We have worked hard for many years to make Esure a business that can compete at the highest level with confidence."

Esure will be launched on the FTSE 100 with the index in rude health, after it set a new five-year high earlier in the week.

Find out about commodities trading and learn CFD strategies at City Index. 

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.