Hastings, the motor insurer founded by insurance tycoon Neil Utley, has priced its flotation at 170p a share, valuing the group at £1.1bn.
Its shares will begin trading conditionally on Monday morning.
The 170p price is below the original range for the float of between 180-220p as the group suffered from nervousness in the stock markets.
Wall Street bank Goldman Sachs and founder Neil Utley are both big sellers in the deal, with Goldman set to make more than three times the value of its original investment. The adviser to the deal will feel they have done well, given that three other deals around the globe have had to be pulled this week, with those working on the deals citing adverse market conditions.
PwC said earlier this week that would-be IPO investors have been “spooked” by fears of slowing growth in China, which has had knock-on effects on broader markets. Goldman Sachs was dealt a blow earlier this week when a construction firm it part-owned, Xella, had to pull its flotation due to market conditions.
Utley, who founded the group, has a 15% stake which he will part-sell in the flotation. He is a flamboyant insurance entrepreneur who was censured by the Lloyd’s insurance market in 2013. He is stepping down from the board as part of the float.
