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Esure IPO Receives Enough Demand for Minimum Size IPO

Esure Group Plc, the U.K. auto insurer, has received enough demand for the minimum number of shares to be sold in its initial public offering, according to a sale update sent to investors and obtained by Bloomberg News.

Esure opened the IPO for investors March 8, saying it expected to be valued at about 1.1 billion pounds ($1.6 billion) at the midpoint of the price range.

The company said at the time that it would offer between 145 million and 210 million shares at a range of 240 pence to 310 pence a share, including as many as 20.8 million new shares.

Companies in Europe, the Middle East and Africa raised $3 billion in IPOs this year, compared with $545 million they raised in the same period last year, data compiled by Bloomberg show.

Deutsche Bank AG, JPMorgan Cazenove, Canaccord Genuity and Numis Securities Ltd. are managing the offering.

To contact the reporters on this story: Alexis Xydias in London at axydias@bloomberg.net; Ruth David in London at rdavid9@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net

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