Gjensidige goes for 6% yield in $1.3bn IPO

12 Nov 2010

Norwegian non-life insurer Gjensidige Forsikring is hoping to emulate Statoil Fuel & Retail’s IPO last month by projecting an image of stability and security after it began premarketing a Nkr7.78bn ($1.3bn) demutualisation this week.

Bankers at global coordinator Goldman Sachs and bookrunners Artic Securities, Bank of America Merrill Lynch, DnB Nor, Keefe Bruyette & Woods and Pareto Securities believe that the stunning success of Statoil Fuel & Retail’s Nkr5.38bn ($915.8m) IPO, which has gained almost 25% since it priced on October 21, ...

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