Esure confirms intention to float on LSE

 
City A.M. Reporter

INSURER Esure this morning confirmed plans to list on the London Stock Exchange in a £50m float.

The offer will comprise the sale of new shares and the partial sale of existing stakes held by current investors, including founder Peter Wood.

Esure, which owns Sheilas’ Wheels, will float up to half its business in an effort to accelerate growth.

The insurer’s IPO follows Direct Line’s well-received float last year, which valued the company at around £2.6bn.

Deutsche Bank and JP Morgan Cazenove are acting as joint global co-ordinator and joint bookrunner, while Canaccord Genuity and Numis Securities are acting as co-lead managers.