John Laing Infrastructure Fund IPO raises £270m

City A.M. Reporter
INFRASTRUCTURE group John Laing has hit its target of raising £270m from the London listing of a fund today.

The John Laing Infrastructure Fund (JLIF) will use the proceeds to acquire a seed portfolio of 19 investments from the John Laing Group, which is owned by asset manager Henderson Group.

The seed portfolio, which includes projects in a variety of sectors including health, schools, roads, defence and emergency services in Britain, Canada and Finland, will be independently valued at around £260m, the firm said.

John Laing subscribed to 23.1 per cent of the 270 million shares issued in the listing, having said it would acquire between 20 and 24.9 per cent.

Shares in the company, which were offered at a fixed price of 100p per share and were sold to both retail and institutional investors, are expected to begin unconditional trading on Nov. 29.

The company, which is the second infrastructure fund to list in London this year following GCP Infrastructure Investments Ltd, said it was initially targeting an annual yield of 6 percent per share.