ELTA.L Share News (ELTA)

(ShareCast News) - Premier Asset Management Group completed its initial public offering in London on Tuesday, allowing Electra Partners to partially realise an investment by its Electra Private Equity vehicle.Premier AM, a UK retail asset management group, placed 35.9m new and 12.4m existing shares at a price of 132p apiece, raising a gross £63.7m, of which £47.4m will go to the company.After the float, Electra and fellow investor Queripel Partners will still own just over 54%, of which Queripel will hold 33%, with both parties and Premier's directors and some senior management agreeing 'lock-up' arrangements not to sell shares for a specified period.Based on the offer price, Electra's investment in Premier has a value of £46m - an uplift of £13m or 39% on the valuation at 31 March, implying an increase in net asset value per share of 26p."On admission, Electra is expected to receive cash proceeds of £36m from the redemption of preference shares and sale of ordinary shares in Premier," Electra said."In addition Electra will hold approximately 8% of the issued ordinary share capital of Premier with a valuation at the offer price of £10m; these shares are subject to a six-month lock-up."Shares in Electra Private Equity finished Monday up 0.16% at 4,322p, prior to the announcement.