Jupiter shares up after flotation

FUND manager Jupiter returned to the London stock exchange – to debut 15 per cent over the price set in an initial public offer (IPO).

Jupiter raised £220m to pay off debt and secured a £33.5m windfall for selling shareholders in its IPO, which priced at 165p pence.

The shares were changing hands at around 190 pence in early trades.

Jupiter's flotation marks its second outing on the London market, after it first listed in 1991 before being taken private in 1995 when it was bought by Commerzbank.

Ownership passed to staff in a management buyout backed by private equity firm TA Associates in 2007, and a motive behind last week's IPO was to refinance the debt issued as part of the transaction.