Float of Direct Line is official

DIRECT Line Group yesterday completed its first day as a full listed company, marking the official completion of the largest London float in 2012.

All 1.5bn shares in the firm were added to the official list of the UK Listing Authority, while it began unconditional trading under the “DLG” ticker.

The share price has been relatively stable, floating at 175p last Thursday and closing yesterday at 188.2p.

Panmure Gordon analyst Barrie Cornes told City A.M.: “The shares were priced to get away and that’s exactly what they’ve done”.