London Stock Exchange today welcomed Direct Line Insurance Group plc ("Direct Line Group" or "The Group") to open its UK markets, marking the start of conditional dealings in its shares ahead of its admission on 16 October.
The Group's shares were priced at 175p each, valuing the company at £2.6 billion. The offering raised £787 million, making this the largest UK company fundraising on London's markets this year.
To mark the occasion Paul Geddes, CEO at Direct Line Group joined Xavier Rolet, CEO at London Stock Exchange Group, to open trading in London this morning.
Xavier Rolet, CEO at London Stock Exchange Group, said: "We are delighted to welcome Direct Line Group to open trading on our markets today. This significant capital raising demonstrates that London remains very much open for business for ambitious companies. Of particular note is the level of retail interest in this issue, underlining the appeal of London's vibrant equity markets to private investors."
Paul Geddes, CEO Direct Line Group, said: "We are delighted with the level of demand institutional and retail investors have shown in Direct Line Group, reflecting the recognition of our clear strategy and key strengths of distribution, scale and market leading brands. We look forward to life as a publically listed company with the support of a strong and diverse shareholder base.
"As we move forward we will continue with our aim of providing customers with excellent products and service levels, whilst seeking to deliver sustainable returns for our shareholders."