Goldman Sachs' Hastings lists in £1.1bn IPO

Having listed at 170 pence per share, Hastings reached a market cap of £1.117bn. The flotation raised total proceeds of approximately £210m, with the company receiving £182m.

Having acquired 50% of the group in October 2013 in a deal that valued Hastings at £700m, Goldman Sachs Asset Management planned to remain the largest shareholder after the IPO.

Proceeds from the offer were initially earmarked to redeem part of the group's outstanding debt. Hastings was refinanced following Goldman Sachs' investment, launching a £416.5m senior secured bond on the Irish stock exchange.

Goldman Sachs entered a 180-day lock-up period, while management will be subject to the customary 365-day agreement.

Credit Suisse Securities acted as joint global coordinator, joint bookrunner and sole sponsor on the IPO. Goldman Sachs International acted as joint global coordinator and joint bookrunner, while Barclays and HSBC were acting as joint bookrunners. Keefe Bruyette & Woods was senior lead manager and Peel Hunt acted as lead manager.

Company
East Sussex-based Hastings is a general insurance provider with a focus on the UK motor insurance market. The group has 1.88 million customer policies in the UK and generated an operating profit of £105.7m last year.

People
Gary Hoffman is chief executive officer of Hastings.

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• Topics
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• UK / Ireland
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