Mutual fund manager, Jupiter Asset Management, intends to raise approximately £220 million ($322 million) through an initial public offering on the London Stock Exchange in June.
Jupiter Asset Management (“Jupiter), the UK based asset manager, intends to raise approximately £220 million ($322 million) through an initial public offering on the London Stock Exchange in June. Jupiter plans to issue 122.4 million new shares, with a price range between 150 pence to 210 pence per share, valuing the company at about ₤718M to ₤868M. Managers and employees of Jupiter, as well as private equity firm TA Associates Inc., will sell shares as part of the IPO. The net proceeds will be used to strengthen Jupiter’s balance sheet.
Jupiter, the fifth-largest manager of UK retail mutual funds, had ₤19.5 billion of assets under management as of December 2009. Jupiter largely directs its services toward retail investors with its equity investment management services. It also manages fixed income, hedge and absolute return funds.