Jersey-based financial services group JTC is poised to list on the London stock market in an initial public offering that values the business at £310 million.
Admission to trading on the Main Market is expected on 14 March.
Key points
• The price is 290 pence per ordinary share, equating to a market capitalisation of £310 million on admission. The placing by the company comprises 6,896,552 ordinary shares, representing about 6.5 per cent of the issued share capital of the company on admission.
• The company has conditionally raised net proceeds of £15.1 million. These proceeds, together with funds available under a new debt facility, will be used to repay the company's existing debt facility. The balance of the funds raised will be used for general working capital and wider corporate purposes.
• Existing shareholders selling shares have conditionally raised net proceeds of about £218.2 million through the selldown of shares. The selling shareholders include CBPE Capital, as well as certain directors and senior management of the company.
• Following admission, 52.4 per cent of the ordinary shares will be held in public hands.
• Zeus Capital is acting as financial adviser, broker, joint global co-ordinator and bookrunner in connection with the IPO; Numis Securities is joint global co-ordinator and bookrunner; Stockdale Securities is acting as sponsor.
Nigel Le Quesne, CEO of JTC, commented: "This is a fantastic opportunity for JTC. The IPO will provide us with access to the capital markets as we look to deliver future growth, both organically and through our targeted acquisition strategy in a sector ripe for consolidation."