Financial Services Industry
Industry: Email Alert RSS FeedBenfield flotation gives hope for IPO recovery.
Financial News, June, 2003
Byline: Shanny Basar
The recent flotation of Benfield Group will provide encouragement to bankers and issuers who are planning deals after a fallow few years in European ECM. Shares in the UK reinsurance broker reached one of the highest first-day premiums in the last two and a half years, even after the offer size was increased.Shares in Benfield, run by Grahame Chilton, ended 12% above their issue price on their first day of conditional trading on the London Stock Exchange. The company initially hoped to raise [pounds sterling]100m ([euro]142m) but finished with [pounds sterling]157m. Shares were issued at [pounds sterling]2.50 each, in the upper half of the bookbuilding range. Joint bookrunners Merrill Lynch and Morgan Stanley were financial advisers to...
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