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At last a "successful" IPO. Admiral, a UK motor insurer and broker staged the second biggest flotation of the year. Hopefully we shall some more.

An issue price of 275p valued the company at £711m. This was in the middle of the previously indicated range of 245p-300p.

The float was six time covered at £1.5bn through a bookbuilding exercise.

CEO, Henry Engelhardt commented "Our advisors said the IPO market was selective but would respond to a company with a good story."

The company is now the largest listed firm in Wales. The only larger IPO this year was Eircom an Irish telecoms operator.

Advisors included, Merrill Lynch International as global co-ordinator, sole bookrunner and IPO sponsor. Joint lead manager was Citigroup Global Partners. Lexicon Partners were financial advisors to Admiral with Merrill Lynch.

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