Friends Provident is set to have a difficult debut in its £1.5 bn (€2.5bn) initial public offering this week, with both the grey market and investment banks valuing the shares in the middle of the price range.

Morgan Stanley has valued the UK life assurer's shares at 246p (€4.1), just above the midpoint of the bookbuilding range.

Shanny Basar

BNP Paribas

France Télécom

Morgan Stanley

London Stock Exchange

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Friends Provident IPO set to struggle

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