Jupiter looks to raise £220m from IPO

4 June 2010

Jupiter Investment Management is looking to raise £220 million from an initial public offering (IPO).

Many of the main benefactors from the public listing, which will see shares sold at a price between 150p and 210p, are expected to be senior fund managers with stakes in the firm.

The share price placed the value of Jupiter between £718 million and £868 million.

Anthony Nutt, manager of Jupiter’s Income Trust fund, is expected to inherit 21.6 million shares, which could be worth an estimated £38.8 million when the listing has been completed, Reuters reported.

Philip Gibbs, the Financial Opportunities fund manager, Edward Bonham-Carter, Jupiter’s chief executive and John Chatfeild-Roberts, chief investment officer, are all to receive multi-million pound pay outs following the sale.

The asset manager stated that the IPO “will strengthen Jupiter's balance sheet to a level the directors believe will be beneficial to the business, clients and shareholders over the long-term”.

“While the global offer will include a secondary sale, Jupiter's employees and TA Associates will retain significant shareholdings post-admission,” the company explained.

TA Associates, the other major shareholder in the company, is expected to maintain its 17.32 per cent stake following the IPO.

By Jim Ottewill

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