Aviva hopes to raise €1.2bn (£1.1bn) from the sale of 42% of Delta Lloyd, its Dutch subsidiary, in what will be Europe’s biggest IPO in at least 18 months, the UK’s second-largest insurer said. Aviva is selling more shares than expected at a lower-than-expected valuation. Analysts saw confirmation of the sale as good news, but Aviva’s stock slipped 6.8p on Monday to close at 443.5p. Aviva set a price per share range of €15.50-€19 a share for the listing on Euronext Amsterdam, with trading set to begin on Nov 3.

This entry was posted by Gwen Robinson on Tuesday, October 20th, 2009 at 5:04 and is filed under Capital markets. Tagged with aviva, Delta Lloyd. Edit this entry.