Friends Provident has set its offer share price at 225p a share, giving it a market capitalisation of £3.7bn on listing.
The preferential offer is 213.75p a share. It received £566m of share applications. A total of 224.8m shares, worth £506m, are being sold to pay members who have chosen sell their shares on listing. Another 120.2m of shares worth £271m are being sold on behalf of overseas members and some occupational pension scheme trustees.