UK insurer Hastings announced its intention to float on the London Stock Exchange on Tuesday, with a 180 million pound ($277.78 million) share sale aimed at accelerating its growth.
The offer to institutional shareholders is expected to result in admission to London’s premier stock market in October, the company said in a statement.
Hastings, one of Britain’s fastest growing motor insurers, is expected to be eligible for inclusion in FTSE UK indices.
Goldman Sachs Investors will retain a significant indirect shareholding following the floatation and will remain Hastings’ largest shareholder following completion of offer. ($1 = 0.6480 pounds) (Reporting by Emiliano Mellino, editing by Sinead Cruise)