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River & Mercantile IPO market value set at £150 million

by Dylan Lobo on Jun 23, 2014 at 08:09

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.

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