Bright debut for Standard Life shares
Irish and British Standard Life policyholders saw the value of their newly-held shares rise today after the insurer made a bright start to life on the London stock market.
The shares opened at 230p and quickly rose to 245p before settling at 241p, a rise of 5%.
Today’s dealings end a two-year process for Standard Life which culminated in members voting in May to end more than 80 years as a mutual company.
The group, which was valued at £4.65bn (€6.7bn) at the start of trading today, will earn a place in the FTSE 100 Index through the flotation. The average value of shares issued to Standard’s 2.4 million policyholders was set at £1,475 (€2,130) on Friday night.
