Shares in Just Retirement (JRG), the annuity specialist that started conditional trading on 12 November, were set at an offer price of 225p for the 30.5 per cent of the total share capital on offer, valuing the company at £1.13bn. And unconditional trading is expected to start on 15 November. Early restricted trading saw the shares dip to 220p.
Private venture group Avallux will retain around 62.4 per cent of the company’s issued share capital, although this could be reduced to 57.8 per cent if an over-allotment option is exercised in full, while Just Retirement’s directors and senior managers will hold around 2.2 per cent of the issued share capital.
Just retirement is the UK’s largest provider of enhanced annuities, which offer a better payout than ordinary annuities for people with a range of ailments and lifestyles that are calculated to reduce their life expectancy.
