Tough innings: Brit drops on debut
Shares in Lloyd’s of London insurer Brit fell 4 per cent on their market debut today, despite being priced towards the lower end of the price range.
The float of the outgoing England cricket team sponsor, which last month reported a 20 per cent jump in profits to £101.7 million for 2013, raised about £240m for its selling shareholders.
Conditional trading kicked off at 240p, valuing the firm at £960m, but the shares ended the day’s session at 230p.