15th Oct 2014 16:12
LONDON (Alliance News) - Old Mutual PLC said Wednesday that the initial public offering of 22 million shares in its subsidiary OM Asset Management Ltd, the holding company for its US-based institutional asset management business closed at a price of USD14.00 per share.
Including the pre-offering dividend of USD175 million from OM Asset Management, Old Mutual will realise net proceeds of around USD456 million from the offering, it said.
The underwriters have a 30-day option to purchase up to an additional 3.3 million shares from Old Mutual at the IPO price, less the underwriting discount, to cover over-allotments, if any.
Bank of America Merrill Lynch, Morgan Stanley, Citigroup and Credit Suisse acted as joint bookrunning managers for the offering.
OM Asset Management began trading last Thursday on the New York Stock Exchange under the symbol OMAM. At that time Old Mutual said the initial public offering had been priced below the range it guided in September when it launched the sale process.
Shares in Old Mutual closed down 3.2% at 169.50 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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