Standard Life IPO seen below April range

LONDON, June 11: The price of an initial public offering by Standard Life, Europe's largest mutual life insurer, is expected to come below the indicative range given in April, sources familiar with the situation said on Sunday.

The listing range to be published in a prospectus on Thursday is likely to fall below the earlier trading range, which would have valued the company at 4.8 billion to 5.5 billion pounds (.9-.1 billion), to reflect a stock market decline, the sources told Reuters.

The FTSE 100 has fallen about 7.5 percent since the indicative trading range was given in April.

Standard Life declined to comment on the range, which has not yet been set.

The insurer said in April it aimed to raise 1.1 billion pounds in Britain's biggest IPO since 2001.

The listing scheduled for July follows a vote by shareholders last month that ended 80 years of mutual status. If it floats close to the range given in April, Standard Life is set to become the fifth-largest UK-listed insurer.

REUTERS