By Joe Hoppe
Financials Acquisition Corp. said London Innovation Underwriters will raise up to 300 million pounds ($363.6 million) in a new share placing to raise funds for the businesses’ strategy to enter into the Lloyd’s of London insurance market.
The London-listed special-purpose acquisition vehicle had said in September that it had established LIU, which it planed to combine with and float on London’s Main Market.
It said at the time that it planed to raise a large amount of capital through the float and the combined business will deploy funds into the Lloyd’s of London insurance market.
LIU said Monday that through the offer of shares to both institutional and retail investors that it plans to raise at least GBP150 million and up to GBP300 million.
After the business combination completes, Financials Acquisition will become a wholly owned subsidiary of LIU.
The placing and retail offer are expected to start Monday, and the combination is expected to complete on Nov. 15.
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