Jupiter Raises £220M In IPO

Jun 16 2010 | 12:23pm ET

Despite choppy markets, Jupiter Asset Management moved forward today with its initial public offering, selling £220 million worth of shares to eager investors.

Long-term investors with a big appetite for the London-based firm’s shares dominated the IPO, with several orders for more than £30 million of shares, one for £100 million, Reuters reports. Indeed, while the stock priced at the low end of its range at £1.65, Jupiter could have gotten a higher price with a lower-quality order book, Reuters’ banking source said.

The deal values the £20 billion firm at £755 million. Jupiter will use the money to pay down its debt and to pay off some of its key executives and money managers, as well as private equity firm TA Associates, which owns a large stake in the firm.

Some £33.5 million of the proceeds will go to fund managers and directors, including CEO Edward Bonham Carter, who will receive £3.5 million, and star managers Tony Nutt, who gets £5.7 million, and Philip Gibbs, who gets £4.1 million.

Following the deal, Bonham Carter will hold a 3.5% stake in the firm. TA Associates will still own 22%. TA backed Jupiter’s management buyout in 2007.

The 133.5 million new shares will begin trading on the London Stock Exchange on Monday.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.