Citigate Dewe Rogerson appointed for esure IPO
esure, the UK motor and home insurer founded by Peter Wood, has brought in Citigate Dewe Rogerson to manage communications around its expected IPO, due to be the largest in the UK this year.
CDR Directors Chris Barrie, Andrew Hey and Grant Ringshaw are working on the flotation. The float is understood to value the company at around £1bn.
The offer will comprise £50m of new equity as well as the partial sale of existing shares held by current shareholders, including founder Peter Wood and private equity house Tosca Penta.
esure, which also owns the Sheila’s Wheels brand, is expected to have a free float of between 35 and 50 per cent on admission, which is expected to raise in the region of around £500m.
Proceeds from the offer will be used to pay down debt, as well as accelerate future growth.
“An IPO is a natural next step for a business of esure’s scale and prospects,” explained Peter Wood.
Separately, esure announced a 110 per cent jump in pre-tax profit last year to £115.5m.