LONDON: ReAssure Group Friday confirmed its intention to proceed with an Initial Public Offering (IPO) on the London Stock Exchange (LSE). The Company intends to apply for admission of its ordinary shares to the premium listing segment of the official list of the FCA and to trading on the London Stock Exchange’s Main Market for listed securities.
The indicative price range in respect of the offer, together with the maximum number of Shares to be sold in the offer, will be determined in due course and contained in the prospectus expected to be published by the Company in the coming weeks. [the_ad id=”31605″]The final offer price in respect of the offer will be determined in due course following a book-building process, with admission currently expected to occur in July 2019.
The Initial Public Offering (IPO) will solely be comprised of existing shares to be sold by Swiss Re ReAssure MidCo Limited (the selling shareholder), a subsidiary of and, at the time of the offer, wholly owned and controlled indirectly by Swiss Re Ltd.
The directors believe that the offer will increase the Group’s flexibility and appetite for growth as it will no longer be subject to Swiss Re specific constraints; widen the Company’s access to capital in the future; and enable the Selling Shareholder to realise part of its investment in the Group.
Immediately following admission, the Company intends to have a free float of at least 25% of the Company’s issued share capital. In addition, the selling shareholder will also provide an over-allotment option.
It is expected that admission will take place in July 2019 and, following admission, it is expected that the Company will be eligible for inclusion in the FTSE UK indices.
The Company has engaged Credit Suisse International to act as sole sponsor, Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International plc and UBS AG London Branch to act as Joint Global Co-ordinators and Joint Bookrunners. The Company has also engaged BNP Paribas and HSBC Bank plc as Joint Bookrunners.