Insurance aggregator Gocompare is set to split from Esure
later this week and make its London stock market debut with a reported value of about £400 million.
In a stock market filing earlier this month, Esure
said its shareholders are expected to approve the Gocompare demerger at a general meeting on November 1, Tuesday.
The admission and commencement of dealings in Gocompare shares on the London Stock Exchange will then be made on November 3, Thursday.
Peel Hunt has estimated its value at £425 million, the Telegraph
while Shore Capital has penciled in £385 million.
According to the report, Gocompare is not raising any new money as part of the stock market listing. However, the demerger will unlock £63 million in cash to help boost Esure
announced in September that Gocompare is splitting off to become a “stand-alone entrepreneurial digital technology business.”
“We believe that a demerger of Gocompare.com from Esure
will allow both entities to thrive and reach their full potential,” group chairman Peter Wood said in a previous statement.
and Gocompare.com are distinct businesses, which are both underpinned by strong brands,” he added. “A demerger will allow the separate management teams to focus on their independent strategies, and also enhance their ability to align senior management incentives.”
Is Gocompare about to launch overseas?
£500 million Gocompare demerger to be unveiled this week