Jupiter valued at £750m as bankers fill IPO book
BANKERS covered the book on Jupiter Asset Management’s initial public offering (IPO) last night, but were forced to price the float towards the lower end of their expected range.
The fund management boutique is this morning expected to confirm it will join the public arena at around 165p per share, valuing the company at £750m. Jupiter had hoped for a market capitalisation of up to £868m, based on a price range of between 150p and 210p per share, but investor nervousness surrounding eurozone sovereign debt problems have given fund managers more power to negotiate on price.
The IPO would raise £300m in fresh capital, which will be used to pay down Jupiter’s bank debt and reduce the stake held by private equity backer TA Associates to 17 per cent.