28th Sep 2021 08:41
(Alliance News) - Petershill Partners PLC, a company spun off from Goldman Sachs Group Inc, went public in London on Tuesday at a GBP4.0 billion valuation.
The London-based firm, which buys stakes in alternative asset managers, priced its initial public offering at 350 pence per share. The final IPO price was in the middle of the range set by the company, which was 320p to 380p according to the Financial Times.
The IPO consisted of 156.3 million new shares and 176.3 million existing shares. Petershill will have 1.16 billion shares on admission.
Shares were little changed at the open on Tuesday.
In total, Petershill raised GBP1.0 billion - or up to GBP1.2 billion if the greenshoe option is taken in full. The company will have a free float of 25%, or 29% after the greenshoe, an over-allotment option for the investment banks running an IPO.
Petershill plans to use the money to make more investments in alternative asset managers.
Conditional share dealings begun on Tuesday, while unconditional dealings are scheduled to start on Friday.
"We experienced a high degree of interest from investors, who recognised the unique strength and track record of the Goldman Sachs operator team, the attractive profile and prospects of our alternative asset manager partner firms and the benefit of a fully independent board," Chair Naguib Kheraj said.
The company expects to be eligible for inclusion in the FTSE indices. Its GBP4.0 billion market capitalisation would make it one of the most valuable companies in the FTSE 250 index of London mid-caps.
By Ivan Edwards; [email protected]
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