Esure prices London float

INSURER Esure this morning priced its IPO, in a float that will value the Sheila’s Wheels owner at £1.1bn.

The price range is set at between 240 and 310p per share for its London listing. Taking a mid point, the float would value Esure at around £1.1bn.

The offer will comprise £50m of new equity, as well as the partial sale of existing shares held by current shareholders, including founder Peter Wood and private equity house Tosca Penta.

Esure is expected to have a free float of between 35 and 50 per cent on admission, which is expected to raise in the region of around £500m.

Proceeds from the offer will be used to pay down debt as well as accelerate future growth.

The float is due to be completed on 22 March.