Private equity-backed UK insurance company Just Retirement has been valued at £1.1bn through its London listing after pricing at the mid-point of its expected range.
The business, which is backed by Permira, priced the sale of a 30.5 per cent stake at 225p per share for its listing on the Alternative Investment Market today.
Just Retirement CEO Rodney Cook had previously told Reuters that the company would float at least 40 per cent.
Permira is selling part of its stake but is expected to maintain a 62.4 per cent holding in the business if the underwriters do not exercise their right to purchase an overallotment of shares.
The company offers specialist life insurance products to people with reduced life expectancies, potentially offering higher annuities than traditional life insurance options.
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