Cinven, a private equity majority owned company, started taking orders for initial public offering a week ago and targets to make a debut in the market by middle of June. According to sources, it will now close order books for the offer on Thursday and begin trade on the London Stock Exchange the day after.
The shares offered with the partnership were between 325 pence and 400 pence each. By the end of the first day of bookbuilding, the said partnership received enough orders for all stock on sale as according to same sources.
This made the company's value between GBP1.3 billion and GBP1.6 billion. Cinven bought 80% stake of Partnership Assurance Group for EUR200 million in 2008.
Partnership Assurance Group provides annuities that will pay more customers confronted with medical conditions. The insurer firm also funds long-term residential care. The firm plans to raise GBP125 million to be able to pay their impending debt.
Cinven and Partnership's management will be selling roughly a quarter of their holdings. The spokesman for Partnership; however, refused to comment on the said deal.
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