Shares in UK car insurer Admiral Group went higher on Thursday, after the firm launched Britain’s second-biggest IPO of the year with a £711 million ($1.27 billion) market debut.
The flotation provided an average £39,000 pay-out for 1,450 of the employees of the company, based in Cardiff, while the company’s founder and chief executive, Henry Engelhardt, was left with £140 million worth of cash and shares.
Admiral’s shares rose four percent above their 275 pence issue price, which was just above the middle of the 245-300p price range previously indicated by the group.