River and Mercantile, a UK-based asset management and pension consultancy firm, has listed its shares on the London Stock Exchange (LSE) which gives the company a market capitalization of £150.2 million.
The offer of 22,678,859 ordinary shares represents 27.6% of the enlarged issued share capital of the company following completion of the offer. The offer price has been set at 183 pence per ordinary share.
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Commenting on the listing, River and Mercantile Group chief executive Mike Faulkner said: "We are pleased with the level of investor interest in the Group and extend our thanks to all who participated in the process."
"Listing our company represents a major step forward and provides us with an ability to continue to invest in our advisory and asset management capabilities in both the UK and abroad.
"The Group is well positioned to capitalise on the "Pensions Revolution" and the increasing importance of governance to clients’ investment strategies," Faulkner added.
Following listing on LSE, River and Mercantile’s largest shareholder Punter Southall Group stake will decrease from 50.1% to 38%, according to the London-based firm. Furhter, another shareholder Pacific Investments reduces its holding from 14.2% to 10.2%.
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By GlobalDataThe company said that the cash would be partly invested for potential acquisitions of pension advisory businesses in the US.
Following listing, the new investors in the company includes Aviva Investors, Legal & General, Unicorn Asset Management, all of which own approximately 4% of its shares at admission.
Canaccord Genuity and Numis served as joint bookrunners and sponsors for the listing.
