LONDON, Feb 27 (Reuters) – British home and motor insurer esure plans to list up to half its shares in London next month, valuing the company at as much as 1 billion pounds ($1.5 billion) and raising money to wipe out debt and boost growth.
- Offer to value company at around 1 bln pounds – sources
- Sale to include 50 million pounds in new shares
- Founder Peter Wood to reduce stake
An upturn in stock markets has helped revive new share issue activity in Europe after years of subdued activity since the 2008 financial crisis, with esure’s biggest rival Direct Line completing a well-received float in October.
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