Direct Line trades up after £787m success

10 Oct 2012

Direct Line Group completed a £787m IPO in a multiple-times oversubscribed deal that performed well on Thursday, an important consideration for the seller given that it will have to return to sell more stock before the end of next year.

RBS sold 450m shares, 30% of the company, at 175p each. That was at the upper end of Wednesday’s 170p-177.5p revised range and just under the mid-point of the 160p-195p range announced at the start of bookbuilding, squaring with analysts’ expectations.

“The main debate was around the size of ...

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