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Hastings Insurance IPO priced at 170 pence a share

Reuters

LONDON (Reuters) - Hastings Insurance (HSTG.L) said its initial public offering was priced at 170 pence a share, valuing the firm at about 1.12 billion pounds.

The offer is expected to raise gross proceeds of about 210 million pounds, before exercising the over-allotment option, the company said in a statement.

The pricing is lower than earlier indications of 180-185 pence per share.

Hastings' stock will begin trading on the London Stock Exchange on Monday.

Choppy market conditions have made it harder for companies to come to market in recent weeks.

(Reporting by Robert Venes at IFR and Abhiram Nandakumar in Bengaluru, writing by Carolyn Cohn, editing by Freya Berry)