Optimism as Direct Line prices £787m IPO
Direct Line Group completed a £787m IPO on Thursday in a multiple-times oversubscribed deal that has instilled new optimism in Europe’s equity capital markets — in which some $10bn of IPOs are waiting to be priced, writes Andrew Griffin.
The closely-watched deal got away at a satisfactory price for all involved and has traded comfortably, but now bankers are asking how much of the positive momentum can be harnessed before the Christmas break.
"Direct Line is another important data point after deals like Santander Mexico," said one banker.
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