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

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…