Reinsurance broker Benfield Group's shares are expected to rise after it was revealed that its initial share sale was more than 11 times oversubscribed.
The net proceeds to the broker are anticipated to be £98.8m. Benfield has attracted an offer price of 250p per share for its initial public offering. At the offer price, the company will have a market capitalisation of £575m.
The offer size was £157m and the gross aggregate demand received was approximately £1.7 billion, it said.
Benfield chairman John Coldman said: "We have had a very strong response to the Global Offer from major institutions around the world. This is testament to the people who make Benfield the business that it is today."
Grahame Chilton, Benfield chief executive said: "I am delighted with the way new investors have embraced the Benfield story.
"It is a tremendous endorsement of Benfield's business and we look forward to working for all shareholders in developing additional value from our global platform. We are now well positioned to move forward with our aim of delivering sustainable revenue growth and margin expansion."
