LONDON - The British insurance firm esure set the price range for its pending initial public offering on Friday that could value the company at up to $2 billion.
Esure, which offers home and car insurance across Britain, said it would float a 35 percent to 50 percent stake in the company at a range of 240 pence ($3.60) to 310 pence a share.
The offering would be one of the largest in Britain so far this year, and could raise more than $700 million, based on the mid-point of the price range, according to a statement from the British insurer. The company’s shares are expected to start trading on March 22.
Interest in I.P.O.’s has picked up as global equity markets have continued to hit all-time highs. The British real estate agent Countrywide also is expected to go public later this month in an offering that could top $1 billion.
JPMorgan Chase and Deusche Bank are coordinating esure’s I.P.O., while Canaccord Genuity and Numis Securities also are co-leading managers on the offering.
