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British car insurer Sabre's London listing priced at 230 pence per share
December 6, 2017 / 7:43 AM / 7 days ago

British car insurer Sabre's London listing priced at 230 pence per share

Dec 6 (Reuters) - British car insurance underwriter Sabre IPO-SI.L priced its London market debut at 230 pence per share, giving the company a market value of 575 million pounds ($771 million) at the start of conditional trading.

The offer comprises 125 million shares, resulting in an offer size of 287.5 million pounds, or 50 percent of Sabre’s share capital on admission, it said on Wednesday.

Conditional dealings in Sabre’s shares are expected to begin at 0800 GMT on Dec. 6.

Founded in 1982, Sabre generated gross written premiums of 197 million pounds in 2016 and intends to maintain its focus on the UK private motor insurance market.

Barclays and Numis Securities Limited are acting as joint global co-ordinators on the deal.

$1 = 0.7456 pounds Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens

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