Esure float covered after just one day

Esure, the home and motor insurer, has had its float covered in a single day as orders for the minimum number of shares were placed on Friday. Esure expects to be valued at £1.1bn by the closing date of 21 March.

Esure, which plans to sell between 35 and 50 percent of the company in the initial public offering, began taking orders for the stock on Friday when it announced a price range of 240 pence to 310 pence per share.

The sources did not give any detail on at what price investors had been placing orders, but said the order books were covered within the range for the 35 percent offer size.