Share price range set by Esure
Esure’s share price range has been set.
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.
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