Partnership Assurance Group plc said Friday that offer price has been set at 385 pence per share for its initial public offering or IPO, with offer size being 485 million pounds, comprising about 93.5 million existing shares and about 32.47 million new ordinary shares which in aggregate represent a free float of about 31 percent.
The Partnership's implied market capitalisation at the offer price is 1.54 billion pounds, which is expected to make Partnership eligible for inclusion in the FTSE 250 Index at the next applicable review date in September.
In addition, pursuant to the over-allotment option granted to Morgan Stanley Securities Limited on behalf of the syndicate, certain funds managed or advised by Cinven Partners LLP may sell up to an additional 18.9 million shares, representing up to 15 per cent of the Offer. Assuming the over-allotment option is exercised in full, the free float would be 36 per cent.
BofA Merrill Lynch and Morgan Stanley are joint sponsors and joint global co-ordinators of the Offer, with Keefe, Bruyette & Woods and Panmure Gordon & Co acting as co-lead managers. Evercore is financial adviser to the Company.
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