Partnership Assurance Group was valued more than US$2.4 billion in its debut in the London Stock Market on Friday.

The shares opened GBX450.5 pence and increased at GBX 455.75 pence by 0715 GMT.

Partnership stated that it has priced the offer at GBX385 per share which is the upper half of the original price to be at GBX 325-400 range.

The company is majority owned by Cinven. It has acquired Partnership in 2008 for GBX158 million. Cinven stated that it had gain returns of more than sevenfold its original investment.

The IPO raised a total of GBX485 million for the company and its selling shareholders. This also includes GBX125 million from new shares that will be used to pay the debts of Partnership.

If there is strong demand, the size of the sale could even increase up to 15%. Cinven will retain 52% of the company following listing.

The size of the sale could be increased by up to 15 percent if there is strong demand. Assuming this so-called over-allotment option is exercised, Cinven will retain 52 percent of the company following listings.