Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

River & Mercantile IPO market value set at £150 million

River & Mercantile IPO market value set at £150 million

River & Mercantile’s (R&M) offer price has given the firm a £150.2 million market capitalisation.

The offer price of 183p per share is linked to 22,678,859 shares, representing 27.6% of the shareholder base.

The selling shareholders consist of Punter Southall Group, Pacific Investments Management, founder  Sir John Beckwith and other existing shareholders.

The company expects to received gross proceeds of £15 million from the share issue.

R&M chief executive Mike Faulkner told the stockmarket: 'We are pleased with the level of investor interest in the group and extend our thanks to all who participated in the process.

He added: 'Listing our company represents a major step forward and provides us with an ability to continue to invest in our advisory and asset management capabilities in both the UK and abroad.

'The group is well positioned to capitalise on the "pensions revolution" and the increasing importance of governance to clients' investment strategies. We look forward to building on our strong investment performance and high levels of client satisfaction.’

The IPO plans follow R&M’s merger with PSolve earlier this year with the combined group having £8.4 billion of assets under management in its equity division and £8.5 billion in its derivatives business, generating £51.8 million of revenue in 2013 on a pro forma basis.

R&M said management will be locked in for two years following the float and said coming to market will provide better access to the capital markets and help it incentivise key staff.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play HSBC's Stephen King warns of 'enormous' Brexit deficit danger

HSBC's Stephen King warns of 'enormous' Brexit deficit danger

Brexit will weaken the economy, fail to boost exports and lessen the country's ability to fund its 'enormous' deficit, according to HSBC's senior economic adviser Stephen King.

Play Premier's Smith: electricity and water can be a good mix

Premier's Smith: electricity and water can be a good mix

Exposing your person to electricity and water simultaneously is ill-advised, but what about your portfolio?

Play Citywire 10k: video highlights

Citywire 10k: video highlights

Citywire held its sixth annual charity run last week, which hosted over 200 people and raised £14,000. Here are the video highlights.

Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter