Saturday, 25 April 2015
Last updated 1 day ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…