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Just Retirement sets IPO price at over £1bn

Just Retirement has announced details of an initial public offering that values the firm at over £1bn.

The enhanced annuity and equity release specialist confirmed plans to list on the London Stock Exchange in October this year.

The offer price has now been set at 225 pence per share, valuing the business at £1.125bn.

Just Retirement’s latest figures, published in August, showed a 12.9 per cent rise in new business in the year ended 30 June, despite a 13.6 per cent drop in annuity sales in the last three months of the period compared with the previous year.  

Total new business for the 12 months to July amounted to £1.65bn, up from £1.46bn in the previous year.

Just Retirement chief executive Rodney Cook (pictured) says: “We look forward to executing our growth strategy as a listed company and bringing increasing value to our customers and shareholders as we introduce further innovation into the retirement income market.”

Just Retirement chairman Tom Cross Brown adds: 
“The positive response to our initial public offering shows strong investor confidence in Just Retirement.

“Our listing on the London Stock Exchange is an important milestone for the business and we look forward to welcoming our new shareholders as we enter the next phase of our growth strategy.”



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