Press releases 2012
Direct Line Insurance Group plc raises £787m in London’s largest UK capital-raising of 2012
- Group valued at £2.6bn
- Paul Geddes, CEO, Direct Line Group opens trading on London Stock Exchange
London Stock Exchange today welcomed Direct Line Insurance Group plc (“Direct Line Group” or “The Group”) to open its UK markets, marking the start of conditional dealings in its shares ahead of its admission on 16 October.
The Group’s shares were priced at 175p each, valuing the company at £2.6 billion. The offering raised £787 million, making this the largest UK company fundraising on London’s markets this year.
To mark the occasion Paul Geddes, CEO at Direct Line Group joined Xavier Rolet, CEO at London Stock Exchange Group, to open trading in London this morning.
Xavier Rolet, CEO at London Stock Exchange Group, said:
“We are delighted to welcome Direct Line Group to open trading on our markets today. This significant capital raising demonstrates that London remains very much open for business for ambitious companies. Of particular note is the level of retail interest in this issue, underlining the appeal of London’s vibrant equity markets to private investors.”
Paul Geddes, CEO Direct Line Group, said:
“We are delighted with the level of demand institutional and retail investors have shown in Direct Line Group, reflecting the recognition of our clear strategy and key strengths of distribution, scale and market leading brands. We look forward to life as a publically listed company with the support of a strong and diverse shareholder base.
“As we move forward we will continue with our aim of providing customers with excellent products and service levels, whilst seeking to deliver sustainable returns for our shareholders.”
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, offering UK and Russian derivatives trading, pan-European and US lit and dark equity trading. Through its markets, the Group offers international business unrivalled access to Europe’s capital markets.
The Group is a leading developer of high performance trading platforms and capital markets software and also offers its customers around the world access and an extensive range of real-time and reference data products and market-leading post-trade services. The Group is also home to a world leading index provider FTSE, which creates and manages over 200,000 equity, bond and alternative asset class indices.
Headquartered in London, United Kingdom with significant operations in Italy and Sri Lanka, the Group employs around 1,900 people.
Further information on London Stock Exchange Group can be found at www.londonstockexchangegroup.com