The start of the FinTech European IPO season?
UK insurer Hastings Direct said on Tuesday it plans to raise 180 million pounds ($277.40 million) through a listing on the London Stock Exchange, using the proceeds to reduce debt and strengthen its capital base. A number of existing shares held by various sharheolders will also be sold, the company said in a statement. Hastings is expected to have a freefloat of at least 25 percent following the listing. Hastings is expected to have a market value of between 1 billion and 1.5 billion pounds, according to media reports. A spokeswoman for the company declined to comment on these estimates.