Shares in Canada Life begin trading on the Toronto Stock Exchange later today after the company's initial public offering (IPO) closed yesterday.

The shares, which were issued at a price of 17.50 Canadian dollars (€11.43) last week, have been trading on the grey market in recent days where they have steadily gained ground.

Some 54,000 of the company's Irish policyholders have qualified for free shares as part of Canada Life's move to demutualise and float on the stock exchange.