Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a758210

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.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet