Shares in Jupiter Fund Management have moved higher in conditional trading after the company priced its initial public offering at the lower end of the expected range.
Jupiter - which starts official dealings on Monday - has climbed to 182p in the grey market from a 165p offer price announced this morning. This was at the bottom of the initial 150p-210p range but it was not a bad outcome given the current volatility of the markets. At the flotation price the company - which raised £220m - is valued at around £755m.
Chief executive Edward Bonham Carter, brother of actress Helen, sold shares worth £3.5m in the offer, and retains a stake worth £26m. In all, the share sale will provide a £33m windfall for fund managers and directors. The bulk of the proceeds raised will pay off the debt associated with a private-equity backed buyout of the business in 2007.
