One-time “Secret Millionaire” James Benamor will pick up the lion’s share of a £327m windfall after the subprime lender he founded, Amigo Loans, floated today.

The company, which offers loans to those with bad credit who can put up a friend or relative as guarantor, priced its IPO at 275p per share, implying a market value of £1.3bn.

Glen Crawford, chief executive, said the float was a “significant milestone” for the company, adding: “We look forward to further growth and success as a listed company and helping even more people who need alternative finance options."

The float, which was revealed earlier this month, prices Amigo towards the upper end of expectations.

Mr Benamor, who appeared on the Channel 4 series Secret Millionaire in 2008, already had an estimated wealth of £380m according to the latest Sunday Times Rich List.

He and other directors including Mr Crawford will be subject to a six-month lock-up period.

Amigo’s loans of up to £10,000 come with an annual interest rate of around 50pc, higher than a bank loan or credit card but significantly lower than the feed charged by some short-term payday lenders.