UBS values the broker at 177p per share only weeks after it helped float the group at 185p per share

The valuation of Saga’s flotation earlier this year has been criticised after one of the banks that helped bring it to the market said it was worth about £90m less than its listing price of £2.1bn.

UBS yesterday valued the over-50s insurance broker at 177p per share, just six weeks after it helped float the group at 185p per share.

Goldman Sachs, which co-led the deal, started coverage with a “neutral” rating and a price target of 192p. Bank of America Merrill Lynch, which was also involved in the flotation, said stock was worth 200p.

Saga’s stock closed yesterday at 177p.

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