Float success as CPP makes debut

The York-based group, founded 30 years ago by entrepreneur Hamish Ogston, issued shares priced at 235p, giving a market capitalisation of 396m.

Mr Ogston made nearly 120m from the float, with CPP raising another 30m to pay down debt.

Shares rose as much as 12 per cent to 264p and closed at 259.75p. The float reduced Mr Ogston's holding from 91 per cent to 61.9 per cent. He has pledged to be a supportive investor.

"We start off in a healthy shape and will continue in a healthy shape," said chief executive Eric Woolley.

CPP operates in 14 countries and employs 1,900 staff.

It sees good opportunities to expand in China, Latin America, the Middle East, Taiwan and Indonesia.

Its products offer "life assistance" protection against stolen wallets or identity theft.

Mr Woolley added the placing was "comfortably oversubscribed".

He said with debt of about 20m, the group is well placed to make bolt-on acquisitions, but has no immediate plans.