Nine years ago Post Magazine reported on the anticipation surrounding Norwich Union's debut as a lis...
Nine years ago Post Magazine reported on the anticipation surrounding Norwich Union's debut as a listed company.
An increase in the City's appetite for insurance shares since Norwich Union announced its stock market listing plans in February has led to an upgrade in expected pricing of the shares it will offer in its flotation. This could lead to a useful premium when dealings begin on 16 June.
NU's adviser, merchant bank Kleinwort Bensons, has raised its ballpark price range to the public for the £2.4bn cash-raising exercise by 105p to between 240p and 290p. Of this, £1.75bn is for the company; the rest will provide cash for overseas policyholders, in lieu of the free shares going to those in the UK.
Professional investment excitement is fired by the expected appearance of NU in the top half of the FTSE 100 index, turning it into a "must" hold for institutional funds.
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