Investec’s asset management arm Ninety One to push ahead with float despite market turbulence
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Investec’s asset management arm Ninety One said today it would push ahead with a planned float despite a recent sell off in global markets.
It said today it had set a price range of 190p to 235p giving it a value of £1.75bn to £2.1bn.
The company said it would persist with its initial public offering, in spite of a coronavirus-inspired equity sell off last week that sent global markets down more than 10 per cent.
“In spite of the current backdrop of market volatility and uncertainty, we remain committed to the execution of this transaction, because of its long-term benefits,” said chief executive Hendrik du Toit.
The listing is expected to raise between £181.9m and £226.1m.
Investec manages £121bn in assets and announced plans to split off its asset management business last year, copying similar demerger moves by Prudential, Old Mutual, and Deutsche Bank as fees fall and costs rise in the fund management sector.
The South African bank will jointly float Ninety One in London and Johannesburg.
Following admission Ninety One said it would have a free float representing 60-65 per cent of its shares.
For the six months ended 30 September, Ninety One had net inflows of £3.2bn and operating profit before exceptional items of £97.3m.
It is set to publish its full prospectus today.