ReAssure IPO is suspended.
A life insurance group with its headquarters in Telford has seen bosses pull the plug on a highly lucrative stock market listing due to lack of interest.
Swiss Re said it would scrap plans to start trading shares in ReAssure after it became apparent the valuation of up to PS3.3 billion was too high. Shares had been set at a range of 280p to 330p but Swiss Re's finance chief John Dacey said: "While we firmly believe that the long-term interests of ReAssure are best served by a more diversified shareholder base, there has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and future prospects."
The biggest sticking point appears to be caution from institutional investors, who have been burnt previously by new companies listing and subsequently watching shares plummet. Swiss Re said: "This action is in response to the heightened caution and weaker underlying demand in the UK primary market from large institutional investors."
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|Publication:||Express and Star (Wolverhampton, England)|
|Date:||Jul 12, 2019|
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