Standard Life received massive backing for its plan to sell shares

Standard Life priced its shares at 230 pence each on Friday, valuing the company at about �4.65bn.

That would make Standard Life the fifth-largest listed insurance company - big enough to qualify for membership of the main FTSE 100 index.

Standard Life has earned �1.1bn from the share sale.

The money will be used to bolster the firm's finances after a number of difficult years - exacerbated by stricter rules on the amount of cash insurance firms needed to hold to cover possible claims.

Under chief executive Sandy Crombie, the company has been turning itself around, cutting jobs and the number of products it offers in an effort to boost profitability and better compete with rivals including Aviva and Legal & General.

Take up

Demand for Standard Life shares has been strong in what would be the largest UK public offering since 2000.

"We have seen tremendous support," said Standard Life's chairman Brian Stewart.

Analysts said that while the shares may gain in early trading, the longer-term performance was likely to be more jumpy.

"Over the next couple of days there could be a slight tick up, but I don't see an acquirer on the horizon, so on the six-month view I'm rather more pessimistic," said David Dodds, an analyst at SVM Asset Management.

"Everything the company produces will be scrutinised in a volatile, if not downward correcting, market," he added.

Standard Life's members will get a windfall of about �1,475 on average, and the company said that nearly 300,000 eligible members, customers and employees applied for extra shares.