Jupiter moves on flotation
FUND manager Jupiter is throwing caution to the wind and listing its shares in London, despite uncertain demand for initial public offerings in recent months.
The move, which could provide as much as £1bn in capital, comes just a month after the group headed by Edward Bonham-Carter decided to hold back its flotation in light of the Gartmore crisis.
The group hopes to raise up to £250m from new shares and the sale of shares owned by staff, who will be allowed to shed up to 20 per cent of their holdings.
In April, Jupiter appointed JP Morgan as advisers on the IPO. Bank of America Merrill Lynch and Lexicon Partners are also said to be advising.
Jupiter’s intentions to float emerged in March when it asked creditors to approve a new clause to its £375m loan documents in preparation for the move.