Citigate called in to handle esure flotation

Citigate Dewe Rogerson has landed an IPO brief to support the forthcoming listing of motor and home insurance group esure.

esure brand: Sheila's Wheels
esure brand: Sheila's Wheels

The owner of woman-only car insurance brand Sheilas' Wheels announced its intention to float on the London Stock Exchange last week in a deal expected to raise close to £1bn.

Citigate has been mandated to handle comms around the float, with directors Chris Barrie, Andrew Hey and Grant Ringshaw working on the deal. The brief marks Citigate's second high-profile possible listing mandate in the past month, having been brought in to handle comms for heavily tipped float contender Partnership Assurance in February.

Esure was founded by Direct Line founder Peter Wood in 2000 and the float comes three years after he led an MBO of the insurer from Lloyds Banking Group.

The float will be the largest London listing so far this year, almost double the size of housebuilder Crest Nicholson.

The transaction consists of £50m of new equity along with the sale of a chunk of shares held by current shareholders, including Wood and private equity house Tosca Penta.

Direct Line itself floated last October, with Brunswick handling comms in a deal valuing the business at £2.6bn.

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Latest Articles

Hit or Miss? EasyJet backs Shakespeare Day campaign with world record attempt

Hit or Miss? EasyJet backs Shakespeare Day campaign with world record attempt

EasyJet aimed to break the world record for the highest ever theatrical performance for Shakespeare's 450th birthday yesterday with the Reduced Shakespeare Company performing on a flight from Gatwick to Verona.

Top PRs to gather in Barcelona for inaugural PRWeek Global Congress

Top PRs to gather in Barcelona for inaugural PRWeek Global Congress

Senior executives from IBM, Nestlé, Vedanta, GE, Cargill, Philips and Allianz will be among the speakers at PRWeek's first Global Congress.

Max Clifford trial jury reconvenes with majority verdicts direction

Max Clifford trial jury reconvenes with majority verdicts direction

The jury in the trial of celebrity publicist Max Clifford on 11 charges of indecent assault has reconvened after being told by the judge yesterday afternoon that he will now accept majority verdicts.

The latest social media fail case study: #myNYPD

The latest social media fail case study: #myNYPD

The New York Police Department's Twitter fail offers another social media lesson for organisations.