IPO for River and Mercantile

Michael Bow
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R and Mercantile yesterday listed new shares on the London stock market, raising £41.5m for the group and its selling shareholders.

The pensions advisory company listed shares at 183p, defying a waning of confidence in the new issues market. The listing values the business at about £150m. The company will receive £15m of the proceeds from the offer while selling shareholders – which include Punter Southall – will take home £26.5m.

Chief executive Mike Faulkner said: “We are pleased with the level of investor interest in the group and extend our thanks to all who participated in the process.”