Citigate called in to handle esure flotation

The owner of woman-only car insurance brand Sheilas' Wheels announced its intention to float on the London Stock Exchange last week in a deal expected to raise close to £1bn.

Citigate has been mandated to handle comms around the float, with directors Chris Barrie, Andrew Hey and Grant Ringshaw working on the deal. The brief marks Citigate's second high-profile possible listing mandate in the past month, having been brought in to handle comms for heavily tipped float contender Partnership Assurance in February.

Esure was founded by Direct Line founder Peter Wood in 2000 and the float comes three years after he led an MBO of the insurer from Lloyds Banking Group.

The float will be the largest London listing so far this year, almost double the size of housebuilder Crest Nicholson.

The transaction consists of £50m of new equity along with the sale of a chunk of shares held by current shareholders, including Wood and private equity house Tosca Penta.

Direct Line itself floated last October, with Brunswick handling comms in a deal valuing the business at £2.6bn.

This article was first published on prweek.com