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RBS (RBS) raises £787M in an IPO of its Direct Line Insurance unit after selling 450M...

RBS (RBS) raises £787M in an IPO of its Direct Line Insurance unit after selling 450M shares, or 30%, at 175 pence each. The price is below the midpoint of a range of 160-195 pence and values Direct Line at £2.63B, far less than the £3.4B valuation put on the unit last month by Commerzbank, one of the IPO's managers. (PR)
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