Swiss Reinsurance America Corporation issued the following announcement on June 27.
This communication is for informational purposes only as required by the listing rules of the SIX Swiss Exchange. It is not intended to be a recommendation to buy, sell or hold securities and does not constitute an invitation or offer for the sale of, or the solicitation of an offer to buy, securities in any jurisdiction, including the United States.
Swiss Re informs that its subsidiary, ReAssure Group plc (“ReAssure”), today announced the price range for its initial public offering (IPO). The price range has been set at 280 pence to 330 pence per share, implying a market capitalisation for ReAssure of GBP 2.8 billion to GBP 3.3 billion.
The offer is expected to deliver a free float of 26% of ReAssure's issued share capital. Swiss Re is also making available shares representing up to 15% of the offer as part of an over-allotment arrangement.
The IPO prospectus is expected to be published later today, pending the approval by the UK's Financial Conduct Authority.
Original source can be found here.