Esure, the UK motor insurer, launched an up-to £500m IPO on Wednesday, shrugging off the prospect of a lengthy period of market volatility. But, in what has become a familiar, if aggravating, ritual for bankers managing UK floats, the intention-to-float was accompanied by warnings from a vociferous domestic element about pricing — despite an increasingly positive track record.
This time, the public commentary included a broadside from outspoken veteran Andy Brough, who runs small and mid-cap funds at Schroders, at the IPO process. He complained that institutional investors were being asked to price floats after "endless rounds of meetings" instead of being given a hard underwritten
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