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UK motor insurer Sabre sets final price for IPO

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UK motor insurer Sabre sets final price for IPO

Sabre Insurance Group plc set the final offer price for its planned IPO at 230 pence per ordinary share.

Based on the offer price, the U.K. private motor insurance firm expects its market capitalization to be £575 million.

The offer comprises 125 million ordinary shares equating to an offer size of £287.5 million, excluding the overallotment option. Immediately following admission of its ordinary shares to the official list of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities, Sabre said its issued share capital will be 250 million ordinary shares.

Conditional dealings in ordinary shares begin Dec. 6 on the LSE, while admission and unconditional dealings are expected to take place Dec. 11.

The transaction is expected to raise net proceeds of approximately £206 million, which Sabre will use to purchase Topco preference shares, which are 99.9% owned by funds advised by major shareholder BC Partners LLP, Angus Ball and Keith Morris, for cash consideration. The insurer's parent company, Barbados Topco Ltd., is expected to redeem the Topco preference shares shortly after admission to the LSE.

Barclays Bank Plc and Numis Securities Ltd. are acting as joint global coordinators, joint sponsors and joint book runners on the offer, while Joh. Berenberg, Gossler & Co. KG and Peel Hunt LLP are acting as co-lead managers.