Esure Sets Price Range Ahead Of Flotation

esure has set a price range of 240p to 310p per share ahead of its much anticipated London initial public offering.

The mid-point values the company - founded and chaired one of Britain's wealthiest entrepreneurs, Peter Wood - at £1.1bn.

The home and motor insurer said it would repay "all of esure's outstanding debt" with the £50m it hopes to raise from the sale of new shares.

Mr Wood and private equity firm Tosca Penta will also reduce their stakes in the company, which provides insurance for around two million people in the UK.

Michael Winner featured in esure's advertising campaigns

Esure will be floating between 35% and 50% of its share capital in the offering, which is due to be completed on March 22.

In a statement, Mr Wood described the company's flotation as a "milestone".

"We have worked hard for many years to make esure a business that can compete at the highest level with confidence," he said.

"We live and breathe insurance at esure and look forward to bringing that knowledge, commitment and focus to bear as a premium listed company."

The flotation follows last year's listing of fellow insurance group Direct Line - also founded by Mr Wood - and the housebuilder Crest Nicholson in February.

A number of other companies are also believed to be drawing up plans to go public.

Esure was founded in 2000 and quickly became one of the country's fastest-growing insurance providers.

It also owns the Sheila's Wheels brand and half of the GoCompare price comparison business.

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