The initial public offerings of Catlin Group, the insurance group and Dignity, the funeral chain, on the London Stock Exchange have both priced at the bottom of their bookbuilding range.

Panmure Gordon, the UK broker bought by Lazard, was sole bookrunner and sponsor to Dignity's £150m (€225m) IPO. Dignity shares were issued at 230p, giving the company a market capitalisation of £184m. The company sold 53.5 million shares and other shareholders, including Montagu Private Equity also sold shares, to give the company a freefloat of 81.5%.